Cargo Copenhagen 23 April 2014 Arild Larsen – Underwriting Manager, If Ebbe Larsen Larsen – Nordic Cargo Director, Codan The Nordic Association of Marine Insurers

- Insurance Conditions - General Average - Policy Forms - Certificates/Letter of Credit Conditions - Underwriting/risk evaluation/pricing - Transit Liability, Sea, Air, Land, Rail – liability to cargo - Delivery Terms/Incoterms 2010 The Nordic Association of Marine Insurers Contents

INSURANCE CONDITIONS Losses recoverable A B C Theft / shortage yes Heavy weatheryes Handlingyes Waterdamagesyes Tot.loss units during handlingyesyes Cargo overboardyesyes Water intermediary storageyesyes Fire / explosionyesyesyes Transport accidentyesyesyes Natural disasteryesyesyes General Averageyesyesyes Salvage expensesyesyesyes

ALL RISKS A - ICC (A) with exclusions EXTENDED TRANSPORT ACCIDENT - ICC (B) named perils TRANSPORT ACCIDENT - ICC (C) named perils

Insurable value ─ Sum insured = Insurable value ? ─ Underinsurance ─ Overinsurance

Period of insurance ─ Commencement ─ Termination - ICC Termination Clause

Special Clauses (re exclusions in Chapter 6) - Thermo clause - Total loss as a result of delay - Extraordinary charges for unloading - Debris removal - Strikes, sabotage, acts of terrorism - Overage tonnage (16 years or older) - ICC Classifacation Clause, overaged vessels - Business interuption - War Risks -Various other special clauses in the market.

1 Policies ─ Single voyages/transits (from A via B to C) ─ To and from fairs, exhibitions, repair etc. ─ Projects ─ Removals (offices/household/machinery etc.).

2 Annual policies ─ Workmen’s own and/or hired tools ─ Distribution of own goods

3 Open covers / floating policies Annual contracts to cover our client’s in and/or outgoing Consignments throughout the year.  Tailormade to client’s insurable needs  Only consignments by hired means of transit  Geographical limits  Maximum value per means of transit  Stock throughput ? (Local policies/Master Policy)

U N D E R W R I T I N G CARGO INSURANCE --- o 0 o Facultative risks - Floating policies.

Facultative: - Singel risk - Object to be insured: -(size, weight, robust, sensitive, attractive … ?) - Value EUR: ……….. (new or secondhand value?) - Packing, palletized, containerized - Voyage from A via B and C to D (number of handlings?) - Terms of delivery (Incoterms)

Facultative cont’d. - Transport route (pirate-/war zones, heavy weather, road conditions, safe port facilities/parking etc.?). - Preservey wanted? (shipcranes, large modules or constructions, dry tow/wet tow). - Choose applicable conds. (A, B or C?) and deductible. - Finally calculate premium (…with alternatives?).

….. and then the height of the day ……..

L U N C H =================== Thank you for listening !