Slide thuyết trình TACN2 Topic: Negotiating delivery: Risk, title, insurance
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Chapter 1: Negotiating Delivery
RISK, TITLE, INSURANCE
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Phạm Tố Uyên
Vũ Thành Nam
Vũ Thu Vân
Bùi Thị Hoàng Yến
Nguyễn Quang Anh
Bùi Thị Phương Thảo
CONTENT
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Risk
Title
Insurance
RISK
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The potential of gaining or losing something of value (such as physical health,
social status, emotional well-being or financial wealth).
RISK
The intentional interaction with uncertainty:
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potential
unpredictable
unmeasurable
uncontrollable outcome
RISK
Risk is involved in the sales contract:
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The risks of contracting entities
Risk object of the contract
Risk to price, method of payment
The risk of a letter of guarantee
Risk provisions volations
Risk related to the provision of force majeure
Risk of damage compensation terms
RISK
In negotiating delivery:
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Risk demarcation (rủi ro phân định ranh giới) of FOB, CFR, CIF (incoterms 2000)
is the ship’s rail
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Risk in transit
in the event no cargo is available to be loaded on nominated vessel at loading
port.
TITLE
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Title (Ownership) of property may be private, collective, or common, and the
property may be of objects, land/real estate, or intellectual property.
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Determining ownership in law involves determining who has certain rights and
duties over the property.
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A complicated problem.
TITLE
Transfer of title:
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Doubtful value
Difficult in identifying when ownership of goods passes from exporter to buyer
The range is wide: from signature of contract to final payment. (Eg)
Title to the goods passes with risk.
INSURANCE
INSURANCE
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Who should insure? ( the exporter or buyer?)
The insurance rate
Policy, Certificate or Letter of Insurance
Types of insurance policy
Time policy and Voyage policy
Who should insure?
2 schools of througt:
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The first sees the point of delivery as decisive; up to delivery the exporter
insurance: after delivery the buyer.
The second approach “minium coverage”: a buyer often has problems insuring
for goods that may not yet exist and that, in any case, are located in a distant
country => it is often easier for the exporter to arrange insurance.
The insurance rate
Clause A “maximum coverage”
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Covers all risk of loss of or damage to the subject-matter insured
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Extend to indemnify the Assured against such proportion of liability under the
contract of affreightment “Both to Blame Collision” Clause as is in respect of a
loss recoverable hereunder.
Covers general average and salvage charges, adjusted or determined according
to the contract of affreightment and/or the governing law and practice, incurred
to avoid or in connection with the avoidance of loss from any cause.
Eg: EXW because the buyer response for all risk of loss or damage of goods.
The insurance rate
Clause B
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A more restrictive coverage.
The insurance rate
Clause C “minium coverage”
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This insurance covers at least risk of loss of or damage to the subject-matter
insured.
10% the value of good
Cover is generally in the currency of the contract.
Assignment
Eg: CIF + CIP
Exclusion clause:
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Willful misconduct of the assured.
Ordinary leakage, loss of weight or normal wear and tear.
Improper packaging.
Inherent vice in the goods.
Delay.
Insolvency of the owners (etc.) of the vessel.
Use of Nuclear Weapons
Policy, Certificate
or Letter of Insurance
INSURANCE POLICY
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A contract between the insurer and the insured, insured on which express the
principles and conditions of insurance , validity period , fees, etc
Design to meet specific needs and thus have many features not found in many other
types of contracts.
CERTIFICATE OF INSURANCE (COI)
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A form of expression of the Insurance policy ,
Often demanded in situations where liability and large losses are a concern..
Issue to satisfy the requirements of the insured or the banks in respect of each
declaration made under an open cover and / or open policy.
LETTER OF INSURANCE
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Letter of insurance is a letter from the exporter to the buyer stating that the
goods are insured. It has no legal force.
TYPES OF INSURANCE POLICY
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Floating Policy and open cover.
Valued and Unvalued:
Floating Policy and Open Cover
Similarity:
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Both offer the exporter insurance cover on all shipments over a period of time.
In both cases a ceiling is set on the overall figure.
As each individual shipment is made, the exporter declares the value of the
shipment, and the ceiling is automatically reduced by that amount.
Floating Policy and Open Cover
FLOATING POLICY
OPEN COVER
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An open cover is particularly useful for large
export and import firms-making numerous
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A type of insurance contract with record
commodity general insurance terms unidentified
ship name and other details
regular shipments who would otherwise find it
very inconvenient to obtain insurance cover
separately for each and every shipment
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