CARGO LIABILITY INSURANCE Clause Samples
The Cargo Liability Insurance clause requires parties involved in the transportation of goods to maintain insurance coverage that protects against loss or damage to cargo during transit. Typically, this clause specifies the minimum coverage amounts, the types of risks covered (such as theft, damage, or loss), and may require proof of insurance before shipment. Its core function is to allocate financial risk and ensure that, in the event of an incident affecting the cargo, there is a clear mechanism for compensation, thereby protecting both the shipper and the consignee from significant financial loss.
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CARGO LIABILITY INSURANCE. At all times during the term of the Agreement, DRAYMAN shall maintain a “All Risk” motor truck cargo liability policy with limits of not less than $100,000 per occurrence. In addition, the parties recognize and agree that SFC may, on occasion, entrust to DRAYMAN for the transportation of high value shipments, which are defined for the purposes of this provision as any truckload shipment with a declared value of over $100,000. If the declared value of the shipment exceeds the policy limit of the DRAYMAN, it shall be the sole responsibility of the DRAYMAN to obtain motor truck cargo insurance in an amount to cover said shipment. In addition, DRAYMAN assumes all liability and responsibility for all cargo claims in excess of its limits. In the event that DRAYMAN does not provide proof of the insurance above, SFC shall have the right to obtain excess coverage on behalf of the DRAYMAN up to an amount of $900,000 per shipment, which excess coverage shall apply only after the cargo insurance coverage required to be maintained by the DRAYMAN pursuant to the above has paid the full amount of the coverage ($100,000) for any single occurrence. DRAYMAN hereby authorizes SFC to deduct the cost of this excess insurance as applicable per shipment. In the event that a cargo loss, damage or delay claim, or any portion thereof, is excluded from coverage for any reason, DRAYMAN shall assume complete responsibility for all such uninsured loss and shall indemnify and hold harmless SFC for any loss, damage or delay claim asserted against SFC. DRAYMAN shall furnish SFC certificates of such insurance evidencing the coverage described herein. Such certificates shall provide for 30 (thirty) days notice to SFC of cancellation or reduction of such coverage. All such policies, exclusive of worker’s compensation insurance, and certificates shall show SFC as an additional named insured and shall provide that losses, if any, in respect to the equipment shall be payable to SFC. [8] INDEMNITY: DRAYMAN shall defend, indemnify and hold SFC harmless from and against all loss, liability, damage, claim, fine, cost or expense, including reasonable attorney’s fees, arising out of or in any way related to the performance or breach of the Agreement by DRAYMAN, its employees or independent contractors working for DRAYMAN (collectively, the “Claims”), including but not limited to Claims for or related to personal injury (including death), property damage and DRAYMAN’S possession, use maintenance, cust...
CARGO LIABILITY INSURANCE. US Airways will maintain cargo liability insurance coverage, in types and amounts required by law, for all air freight transported by Chautauqua under a US Airways airbill on flights operated pursuant to the Services provided by Chautauqua under this Agreement.
CARGO LIABILITY INSURANCE. US Airways agrees to make available to Contractor cargo liability insurance coverage under US Airways' cargo liability insurance policy solely with respect to air freight transported by Contractor under a US Airways airfoil in scheduled air services operated pursuant to Sections
2.01 and 2.03 and such coverage shall be deemed to satisfy Contractor's obligation to have and maintain in full force and effect cargo liability insurance coverage in accordance with the terms of Section 7.03(a)(6), provided however, that US Airways may cancel, terminate, alter, change or amend the cargo liability insurance coverage furnished to Contractor pursuant to this Section 7.06, upon thirty (30) days' written notice to Contractor, and provided. further, if US Airways cancels or terminates such coverage with respect to Contractor, Contractor shall furnish US Airways evidence, on or before the effective date of such cancellation or termination, that it has obtained cargo liability insurance coverage in accordance with Section 7.03(a)(6).
CARGO LIABILITY INSURANCE. USAir agrees to make available to Contractor cargo liability insurance coverage under USAir's cargo liability insurance policy solely with respect to air freight transported by Contractor under a USAir airbill in scheduled air services operated pursuant to Sections 2.01 and 2.03 and such coverage shall be deemed to satisfy Contractor's obligation to have and maintain in full force and effect cargo liability insurance coverage in accordance with the terms of Section 7.03(a)(6), PROVIDED, HOWEVER, that USAir may cancel, terminate, alter, change or amend the cargo liability insurance coverage furnished to Contractor pursuant to this Section 7.06, upon [*], and PROVIDED, FURTHER, if
CARGO LIABILITY INSURANCE. Lessee will not permit the Aircraft to carry cargo of any type other than general passenger baggage which is not covered by the insurance provided by Lessee pursuant to Section 10 of the Lease without first obtaining Cargo Legal Liability insurance in form satisfactory to Lessor. Lessee shall provide Lessor with prior written evidence satisfactory to Lessor that such coverage has been bound and is in full force.
8. Lease Section 10 is amended as follows:
CARGO LIABILITY INSURANCE. Throughout the term of this Agreement and any extensions thereof, Carrier shall procure and maintain, and shall have each of its agents, representatives and contractors procure and maintain, at its (or their) sole cost and expense, cargo liability insurance for loss of or damage to Vehicles in an amount not less than Five Hundred Thousand Dollars ($500,000) per conveyance. Such insurance shall be primary when applied to any loss.