3 edition of Trade term definitions, merchanting, shipping and marine insurance found in the catalog.
Trade term definitions, merchanting, shipping and marine insurance
|Statement||by Cuthbert Maughan.|
|LC Classifications||HF1002 .M35|
|The Physical Object|
|Pagination||xii, 187 p.|
|Number of Pages||187|
|LC Control Number||24029529|
take the insurance in case the terms of the sale is on CIF basis and the buyer in cases where the goods are consigned on C&F or FOB basis. MARINE INSURANCE POLICY A marine insurance policy must specify: i) Name of the assured or person who effect the insurance . Cost, Insurance, Freight: A freight term indicating that the seller is responsible for cost, the marine insurance, and the freight charges on an ocean shipment of goods. Cost Management: The management and control of activities and drivers to calculate accurate product and service costs, improve business processes, eliminate waste, influence.
internationally recognized foreign trade terms that refer to the type of agreement for the purchase and shipping of goods internationally. There are 13 different terms, each of which helps users deal with different situations involving the movement of goods. In the end, however, the terms wind up boiling down to a few basic specifics: Size: KB. Glossary of Terms and Definitions. 3. Constructive total loss: The situation in which the cost of repairing or recovering lost or damaged property plus the value of the salvage would exceed the property’s values when repaired or recovered. Contributory value: The value of property saved as a result of a general average act which forms the.
Liner conference - two or more shipping companies operating a service in common between designated areas. Conference partners agree special freight rates and terms for the trade, in order to stabilize marke t and service. LOF - Lloyd's Open Form - standardized File Size: 91KB. The marine insurance term for "excluding war perils". The abbreviation is F.C. & S. and the standard clause used is generally referred to as the F.C. & S. clause. At an Extraordinary General Meeting of the members of Lloyd’s in June a resolution was passed to incorporate the F.C. & S clause in all Lloyd’s marine cargo policies and this.
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A Glossary Of Marine Insurance And Shipping Terms. From portside to starboard, and everything in between. Introducing our new Marine Protect Glossary E-book.
As Australia’s Trade term definitions specialist marine insurer, we’ve developed a glossary of terms as an expert guide to navigate the language of marine insurance. Get this from a library. Trade term definitions, merchanting, shipping and marine insurance; a discussion of business phrases and commercial custom.
[Cuthbert Maughan]. Marine Insurance — a type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well as damage to the waterborne instrument of conveyance and to the liability for third parties arising out of the process.
This is a glossary of shipping terms and marine terminology as it pertains to Marine Insurance. The information has been gathered from many sources believed to be reliable, but the Association assumes no responsibility for the accuracy of the information.
Open Insurance Policy - A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to a single shipment. open rate - Freight rate negotiated by a shipper with a shipping line for shipping in excess of a minimum agreed quantity of cargo on merchanting one ship.
American Terms (A.T.) A (Marine Insurance) term used to differentiate between the conditions of American Policies from those of other nations, principally England.
Amidships: In the middle portion of a ship, along the line of the keel. Anchor. A GUIDE TO INCOTERMS TERMS OF SALE A merchant's requirements for marine insurance are determined by the terms of sale he/she negotiates with the party to whom he/she is selling or buying from.
In turn, those terms govern the respective price and be on conditions current in the trade. A buyer claiming under a policy arranged by the seller. Term in a charter party which stipulates that the ship must not be ordered to a port or berth where she would touch the bottom. AMWELSH Voyage charter party (Americanised Welsh Coal Carterparty), used for shipments of coal from United States.
The shipping trade rules or International Commercial Terms (Inco terms) are a series of defined commercial terms published by the International Chamber of Commerce (ICC). They are widely used in the International trade are series of three-letter trade terms related to the common contractual sales practices.
The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. We hope you will find it useful. Disclaimer This information is disseminated under the sponsorship of the U.
Department of Transportation in the interest of information exchange. The U.S. Government assumes no. Glossary of Maritime Terms ABS: The American Bureau of Shipping is a U.S. classification society that certifies if a ship is in compliance with standard rules of construction and maintenance.
anchorage: Port charge relating to a vessel moored at approved anchorage site in a harbor. apron: The area immediately in front of or behind a wharf shed on which cargo isFile Size: KB.
MEANING OF MARINE INSURANCE A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the insured, in the manner and to the extent thereby agreed, against transit losses, that is to say losses incidental to transit.
A contract of marine insurance may by its express terms or byFile Size: KB. Shipping has many hundreds of terms and phrases whose meaning is not always obvious, even for experienced practitioners. This comprehensive dictionary contains concise definitions of maritime terms and phrases, including those used in liner, tramp and bulk shipping.
This sixth edition contains new terms and phrases which cover:Cited by: Same as CFR but seller also has to include marine insurance loss or damage to goods during the shipment.
CPT (Carriage Paid To) Seller delivers the goods to a carrier or to another person nominated by the seller, at a place mutually agreed upon by the buyer and seller, and that the seller pays the freight charges to transport the goods to the. Cost and freight (CFR) is a trade term obligating the seller to arrange sea transportation to a port of destination and provide the buyer with the documents necessary to obtain the goods from the.
Our Websites. ; ; ; ; Our Services; Technical Library; RSS; Login. Foreword by: Chris Adams Head of European Syndicate and Loss Prevention, Steamship Insurance Management Services Ltd ISBN: Pages: Offering financial protection against maritime and transit losses, marine insurance gives the shipping industry the confidence to trade.
Without the shelter to risk presented by insurance, shipping transactions and operations would be. All Risks Coverage - "All Risks Coverage, a type of marine insurance, is the broadest kind of standard coverage, but excludes damage caused by war, strikes, and riots." All-Risk Clause - An insurance provision that all loss or damage to goods is insured except inherent vice (self-caused).
Alongside - "A phrase referring to the side of a ship. OIL RECORD BOOK - A book or log kept by the master of an oil tanker wherein every discharge or escape of oil is recorded. OIL TANKER - A ship designed for the carriage of oil in bulk, her cargo space consisting of several or many tanks.
Tankers load their cargo by gravity from the shore or by shore pumps and discharge using their own pumps. The same treatment of merchanting is adopted in the System of National Accounts ( SNA) paragraph There are two key arguments in favor of changing the status quo. First, the definition of merchanting as it presently stands captures activity that is part of the production process in manufacturing in a global Size: 92KB.
As used in marine insurance policies, the term denotes petty thievery-the taking of small parts of a shipment-as opposed to the theft of a whole shipment or large unit. Many ordinary marine insurance policies do not cover against pilferage, and when this coverage is desired it must be added to the policy.Incoterms® Rules are ICC defined shipping terms for Buyers and Sellers.
Read our 20pp Jargon buster & *NEW* DPU Rule, 7 Key Changes for IncotermsFREE PDF and 11 free podcasts on all Incoterms®.All Risks Coverage, a type of marine insurance, is the broadest kind of standard coverage, but excludes damage caused by war, strikes, and riots.
Allotment. A term used to describe blocked space by airlines on behalf of forwarders/shippers. Alongside. A phrase referring to the side of a ship.