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Home Insurance
- Can I own a home without domestic package insurance?
- Can I purchase domestic package insurance if I'm renting a house?
- How are claims paid under various Sections?
- How do I file a claim under domestic package insurance?
- How often should I review my policy?
- What information do I need to provide to my agent,broker or insurer when proposing or renewing cover?
- What is a standard domestic package insurance cover?
- What is domestic package insurance?
- What kind of domestic package cover is adequate?
- What should I do if I am leaving the house unoccupied for sometime?
- What type of insurance do I need for a house purchased through a mortgage?
- Which are the common types of misfortunes covered in a domestic package insurance?
- Why is it important to take a home inventory?
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Motor Insurance
- How do I file a motor insurance claim?
- How is the premium of motor insurance determined?
- Is motor insurance compulsory in Kenya?
- What are my rights when filing a claim?
- What are the different types of motor claims?
- What are the different types of motor insurance certificates in Kenya?
- What are the different types of motor insurance policies?
- What are the duties of insured person in the event of an accident?
- What are the duties of the insurance company in the event of a claim?
- What are the main documents required in settling a claim?
- What information is required when proposing for<br>insurance?
- What is motor Insurance?
- What should I do if I am involved in an accident?
- What should I do if I have a problem with claim<br>settlement?
- What steps are taken by an insurance company before a motor insurance claim is settled?
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Medical Insurance
- Am I insured while out of the country?
- Do I need to continue paying my monthly contribution to NHIF if I have medical insurance policy?
- Does medical insurance cover all hospital bills?
- Does my policy cover conditions existing before I took up the insurance?
- Does the policy cover all my children?
- Does the policy cover the insured in old age?
- How are medical bills paid?
- How do I apply for medical insurance?
- How do I benefit from NHIF membership?
- How will the hospital know that I am the insured?
- What happens in case of an emergency?
- What is medical insurance?
- Who does an in-patient policy cover?
- Who does an out-patient policy cover?
- Will the policy compensate me for all kinds of treatment that I receive?
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Agriculture Insurance
- Agriculture insurance underwriting and claims
- Challenges of crop insurance
- Index Based Livestock Insurance
- Index based weather insurance
- Introduction to agriculture insurance
- Livestock Insurance
- Other types of agriculture insurance
- Perils that affect the agriculture sector
- Poultry Insurance
- The International Agricultural Insurance Market
- Types of Crop Insurance
- What is Agriculture insurance?
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Aviation Insurance
- Aircraft Hull and Liability Cover
- Aviation Hull War and Allied Perils Cover
- Aviation Insurance Underwriting and Rating
- Introduction to Aviation insurance
- Laws Relating to International Trade or Carriage of Passengers by Air
- Loss Adjusting and Surveying Aviation Insurance
- The Aviation Insurance Market
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Business Interruption Insurance
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Common Factors in Property Insurance
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Emerging Issues and trends in general insurance
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Engineering Insurance
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Fire and Perils Insurance
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Liability Insurance
- Classes of liability insurance
- Directors’ and Officer’s Liability Insurance
- Employers Liability Insurance
- Introduction to liability insurance
- Legal Expense Liability Insurance
- Products LIability Insurance
- Professional Indemnity Insurance
- Public Liability Insurance
- Trustees’ Liability Insurance
- Work Injury Benefit Act (WIBA)
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Marine Insurance
- Arranging for marine insurance
- Effecting Marine Insurance market
- International Contracts of Sale(INCOTERMS)
- Introduction to Marine Insurance
- Marine Insurance and Trade
- Marine Insurance Claims
- Marine Insurance Policies
- Marine Insurance Underwriting and Rating
- Marine Perils
- Principles of Marine Insurance
- The marine Insurance Markets
International Contracts of Sale(INCOTERMS)
INCOTERMS are the riles that have been devise to assist in easing the passage of goods from one trading company to another when entering into of sale of goods internationally.
In considering proposal of cargo insurance, one starts with the sale contract. The terms of sale dictates which of the parties to the contract is to be responsible for the insurance. In case of international contract of sale, both the buyer and the seller have obligations to fulfil, in return for which the buyer obtains goods and the seller is paid for the agreed price.
Under marine insurance Act, to claim successfully under a policy, the seller(consignor) or Buyer (consignee) must prove an insurable interest in the goods at the time of loss. assuming that all other aspects of the sale contracts are concluded satisfactorily (e.g. the seller receives payment) the INCOTERMS will set down the precise moment when when the duty to bear all risks of loss or damage to the goods passes. The main INCOTERMS are;
Free on Board (FOB)
In FOB, the seller is responsible till the goods are placed on board of the ocean going vessel and provides a clean on board-receipt. The seller or exporter will require protection until the goods are on board. At this point, the risk passes from the seller to the buyer. The seller in their own interest, must arrange for insurance from their own premises to the ships rail at the point of shipment. The buyer takes responsibility for insurance from there and also responsible for the payment of the freight and other subsequent charges.
Cost and Freight (C&F
In this, the seller delivers goods on board the vessel. They therefore, bear the risk of loss or damage to goods until they have been loaded on board the vessel and pay the freight. This is therefore, similar to FOB except that the seller is responsible for freight, which is included in the selling price. The responsibility to arrange insurance is on the buyer. The seller has to give notice of shipment to the buyer to enable the later arrange insurance. The seller undertakes to fix the shipping space, deliver the goods on board and pay the ocean freight. The risks pass to the buyer on shipment. Until shipment, however the risk remains with the seller.
Cost, Insurance and Freight(CIF)
It involves the seller in arrangement of carriage, insurance as well as provision of the goods. The price of goods CIF will obviously be considerable higher than goods FOB. The contract is based on the discharge port rather than the loading port.
Key Point include;
- The seller is under obligation to ship goods of the contract description, in accordance with any further stipulations in the contract of sale as to time, place and so on.
- They must arrange the contract of carriage on usual conditions for the trade in question.
- Similarly, they must arrange and consignee insurance for reasonable value on the usual terms of the trade in question.
- They must then prepare an invoice for goods which they are set in accordance with any stipulations in the contract.
- Finally, the seller must tender all the relevant documents to the buyer, their agent and the bank.
Hence in CIF sale terms, the seller is responsible for insurance from their own premises to that of the buyer destination point, hence the policy is from warehouse to warehouse. The selling price includes the invoice cost, insurance and freight which will be effected by the seller and subsequently endorsed to the buyer. Hence the insurance covers the goods from seller’s warehouse to Buyer’s warehouse; and the same policy protects the interests of both the the seller as well as the buyer, when the interest in the goods insured passes from the seller to the buyer.
Delivery Duty Paid(DPP)
In DEPP, the seller arranges and pays freight to the named destination. Hence the seller bears all the risk of loss or any damage that may occur up to the time they are delivered to the buyer’s warehouse.
Delivery at Terminal (DAT)
In this case the seller is responsible for clearing the goods for the export but not for import. Hence the seller delivers the goods by placing the at disposal of the buyer at the named terminal at the agreed port or place of destination on the agreed date or within the agreed period. The seller will also be responsible for availing the appropriate information to the buyer to enable them arrange insurance. Accordingly, the buyer’s responsibility starts when the goods are delivered at the named terminal at the agreed port.
Basis of Valuation
Marine cargo policies are principally valued policies which are normally expresses as CIF + 10% duty incurred. The 10 percent is generally allowed for covering landing costs and other related charges such as onward delivery to destination. Hull insurance is invariably also on valued basis. Unvalued policies are rarely met in practice; except in insurance of freight.