Insurance 102
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Insurance for Lawyers Third Party Coverage Surety Bonds
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Insurance 102
- 1. Insurance for Lawyers 102 Business Interruption Inland Marine Surety Bonds
- 30. INCOTERMS Uniform Shorthand for Sales Contracts INCOTERM Decoded Meaning GROUP E Departure UCC Shipment Contract EXW Ex Works Buyer picks up. If Seller loads, loading is at Buyer’s risk GROUP F Main Carriage Unpaid Freight Collect FCA (named places) Free Carrier Delivered to designated place cleared for export FAS (named vessel) Free Along Side Maritime-only variant of FCA FOB (named vessel) Free On Board Like FCA but risk of loss divides at ship’s rail
- 31. INCOTERMS Uniform Shorthand for Sales Contracts INCOTERM Decoded Meaning GROUP D Delivrance Arrival Contract DAF Delivered at Frontier Buyer takes delivery at frontier, Buyer clears export-import DES Delivered Ex Ship Seller holds goods on board named ship (usually owned or chartered) Buyers pays duties and cost of unlading DEQ Delivered Ex Quay Like DES but Seller unloads ship to quay DDU Delivered Duty Unpaid Like DES but delivery to point other than port DAP Deliver at Place Tender to Buyer at stated location DDP Deliver Duty Paid Tender to Buyer at stated location with all duties and VAT paid
- 32. INCOTERMS Uniform Shorthand for Sales Contracts INCOTERM Decoded Meaning GROUP C Main Carriage Paid CFR Cost and Freight Shipment contract, price includes cost of goods and freight to stated destination. Maritime only CIF Cost Insurance Freight Shipment contract, price includes cost of goods, freight to stated destination and marine cargo insurance on the shipment CPT Carriage Paid To Inland/Multimodal Variant of CFR CIP Free Along Side Inland/Multimodal Variant of CIF
Editor's Notes
- Insurance companies thought that the difficulties of proving lost income would make this product unsaleable unless there were a fixed per diem indemnity.
- Bacteria, fungiprotista O MY lead, asbestos, fumes,
- P. 3-36 of Lewis &Insua
- P. 3-36 of Lewis &Insua
- This is a true gold mine for recovery. There are so many permutations that BI promises to implement the Lawyers’ Full Employment Act for the foreseeable future.
- During the late stages of the Inland Marine War, a truce broke out whereby commercial property insurance could be written on installation or builders risks but only with Basic or Broad Form causes of loss
- The Commercial Property form of builders risk insurance CP 00 20 EXCLUDES COLLAPSE AS A COVERED CAUSE OF LOSS. Most inland marine forms cover collapse, and the CP 00 20 can be endorsed with CP 11 20, which actually provides BETTER collapse coverage than can be found under the CP 10 30 Special Causes of Loss form. (The 11 20 covers defective materials and workmanship expressly.)
- BR has the added twist of terminating upon or shortly after “completion” of the work, and you can be surprised how easily a project is deemed complete. CF Circular Letter 22.
- We all know Bi-Economy, right?
- The etc is critical and must be coordinated with the bid documents, especially the INSTRUCTIONS TO BIDDERS. ETC should include payment and performance bonds, proofs of insurance, and other pre-construction deliveries
- Surety may assert any defenses available to contractor Surety can raise bond conditions Surety has rights vs principal