Cargo Insurance Clause Samples
The Cargo Insurance clause requires that goods being transported are covered by an insurance policy against loss or damage during transit. Typically, this clause specifies the type and extent of coverage, such as insuring the cargo for its full value and identifying who is responsible for obtaining and paying for the insurance. Its core function is to protect both the buyer and seller from financial loss due to unforeseen events affecting the cargo, thereby allocating risk and ensuring that compensation is available if the goods are damaged or lost while in transit.
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Cargo Insurance. Owner Operators who obtain coverage through the Company’s cargo insurance will be assessed a monthly charge of ten dollars ($10.00).
Cargo Insurance. ABX shall cause to be obtained and maintained cargo insurance in the amount of not less than $10,000,000 per occurrence, and will be liable for loss, damage, delay or destruction of goods arising out of or in any manner connected with (i) the negligence or willful misconduct of ABX, or any entities controlled by or under common control with ABX or any of their subcontractors, officers, directors, agents, servants or employees in connection with the provision of Services hereunder, or (ii) its care, custody, or control of such goods, in each case in an amount equal to the contractual requirements DHL has assumed under contract with each of its customers which may be in excess of its standard trading terms; provided, however, that ABX shall not be liable to any party under this Section for any loss, damage or destruction of goods in excess of the limits of the cargo insurance ABX is required to maintain under this Section.
Cargo Insurance. The Company shall provide cargo insurance to the Owner Operators at no cost. The Company shall be responsible for any deductibles except where loss or damage is due to the Owner Operator's wilful disregard or negligence.
Cargo Insurance. (Required for Truckers). If Subcontractor provides trucking or similar transportation services, it shall obtain and maintain all risk coverage including shift of load and unidentified trailers. Limit should be no less than $250,000 with a $2,500 deductible.
Cargo Insurance. Borrower shall procure insurance with a total limit of $100,000,000 to cover all lawful goods and/or merchandise that the Borrower has responsibility over but consisting principally of petroleum and related products.
Cargo Insurance. The Seller shall obtain and pay for ocean marine cargo insurance on each Parcel shipped hereunder in accordance with the terms and conditions of this Article 6. Such insurance shall be placed with large, well-known, first class companies of good international repute and shall cover All Risks in accordance with Institute Cargo Clause (A) including revised insolvency exclusion clause, S.R.C.C., War Risk and Heating and Spontaneous Combustion Clauses.
Cargo Insurance. Carrier shall maintain cargo insurance in an amount equal to the full value of the maximum quantity of goods expected to be transported at any one time under this Contract, but in no event in any amount less than $50,000.00 per shipment to compensate Broker, ▇▇▇▇▇▇'s customer, or the beneficial owner of the freight for any and all loss, damage or delay to property which was placed in the possession or control of Carrier in connection with services provided by Carrier hereunder. ▇▇▇▇▇▇▇'s cargo insurance must provide "all risks" and "broad form" coverage and meet all requirements for such coverage as required by Broker or Broker's customer contingent cargo insurance carrier. In addition, except for the amount indicated above, the cargo insurance shall also be in the form required by 49 C.F.R. § 1043 and shall have no exclusions or restrictions that would not be accepted by the regulatory body for a filing under the statutory requirements of that section. Carrier shall cause its insurance carrier to immediately forward to Broker a standard Certificate of Insurance requiring the insurance carrier to give Broker written notice thirty (30) days prior to the cancellation of the cargo insurance.
Cargo Insurance. Subcontractor shall maintain cargo insurance in an amount of no less than $ pe r incide nt o n eac h vehic le used by Subc ontrac to r to perform services under this Agreement. Subcontractor must submit a certificate of current cargo insurance to Contractor before Subcontractor shall be entitled to perform delivery services under this Agreement. To ensure compliance with this requirement, Subcontractor agrees to provide updated proof of cargo insurance each time Subcontractor purchases, renews or alters its cargo insurance policy.
Cargo Insurance. ▇▇▇▇▇▇▇ agrees to maintain cargo insurance in the minimum amount reflected on Schedule I to compensate those parties entitled to recover for loss or damage to cargo (the “Cargo Insurance”). ▇▇▇▇▇▇▇ agrees that it is responsible for the first $1000.00 per incident if a deductible applies. Upon this Agreement’s execution, CARRIER shall cause its insurance carrier to issue BROKER a standard Certificate of Insurance which Certificate shall require the insurance carrier to give BROKER thirty (30) days written notice prior to the cancellation of the Cargo Insurance. CARRIER shall add BROKER as a certificate holder before payment of freight charges will be made to CARRIER. The cargo insurance shall be in the form required by federal law and shall have no exclusions or restrictions that would not be accepted by the USDOT, the FMCSA, or the Surface Transportation Board for a filing under the statutory requirements.
Cargo Insurance. Octel shall effect in the joint names of Octel and Ethyl, and at all times maintain during the term of this Agreement on mutually agreed terms and conditions, Bulk and Non-Bulk Cargo Insurance to cover shipments of Product to customers in the Territory pursuant to this Agreement. Non-Bulk insurance shall be placed on a CIF plus 10% plus value of containers basis. Bulk insurance shall be placed on a FOB value plus10%, plus value of containers where applicable. Any deductible under such policies shall be borne by the Parties in the proportions set forth in Section II, Part 1 of Schedules A and B to the Service Agreement (irrespective of the cause or reason that the Losses may have arisen and the fault of either Party in relation thereto).