Definitions

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A

Assured - Enter assured's name which is the name of the party to be insured by this policy. Example: Smithy Anvil Company.
Assured's Reference (Optional) - This area is for your use to identify the shipment.

B

Bulk - The "Bulk" Packing Option means that your merchandise is loose cargo that is loaded directly into a ship's or aircraft's hold or on a flatbed truck/railcar. It is not inside of a metal shipping container. Example: Bulk grains, liquids or oversized heavy equipment.

C

Container Load: Full and Less than Full Load - A Full Container Load (FCL) means that your goods are the only cargo being shipped inside that shipping container. A Less Than Full Container Load (LCL) means that your cargo is being shipped along with other shipper's goods inside the same shipping container. Consider LTL truckloads as "Less than Full" for the purposes of this insurance.
Containerized - The "Containerized" Packing Method means that your goods, however packed, are shipped inside a metal shipping container. A container is a single, rigid, sealed, reusable metal "box" in which merchandise is shipped by vessel, truck, or rail. The average outside dimensions are generally 20, 35, 40 or 52 feet in length, 8 feet wide, and 8 feet high. Aircraft have their own reusable containers with varied dimensions to fit the various aircraft. Any shipments by Express Delivery Trucks (example: UPS, Federal Express, Deutsche Post) are to be considered "containerized" for the purpose of this insurance.
Conveyance - Enter the name of the shipping company, either air, ocean, or land that is the PRIMARY mode of transportation used to ship the cargo. In the case of ocean, if you choose to purchase the insurance policy, you will be asked for the name of the actual vessel to be used to ship your goods. Example: Shipping Company - Maersk Sealand, Vessel Name - the Regina Maersk.
Currency - The only currency that we accept at the present time are U.S. Dollars (USD).

D

Description of the Items to be Insured - Describe the goods in the shipment. Example: Thirty-five cartons of steel vises.

E

F

G

H

I

J

K

L

M

Marks and numbers - (Optional) Use this space to note any unique information that may be used to identify your shipment. These numbers and/or markings are typically found on the outside of containers, packages, crates, cartons, etc. You may also use this space as is necessary for Container Numbers, letters of credit, terms of sale, bills of lading numbers, etc.

N

Number of shipping units - Enter the number of packages in the shipment. Example: if there are 14 crates in one container, enter 14 crates. If loose, enter the weight of the product. Example: 35 tons of fish.

O

P

Packing Options:
  Fully Enclosed Container, Vessel, Truck or Rail. - The "Containerized" Packing Method means that your goods, however packed, are shipped inside a metal shipping container. As long as your merchandise is shipped in a fully enclosed container, you may use Packing Option 1. This also applies to truck shipments loaded inside a fully enclosed cargo truck. A container is a single, rigid, sealed, reusable metal "box" in which merchandise is shipped by vessel, truck, or rail. If your shipment is in an open top container, shipped on a ro/ro vessel or on a flat rack, DO NOT use Packing Option 1.
  Air or Express Delivery Carrier (UPS, Fed Ex, etc.). - Applies all shipments via aircraft or shipments via express overnight services.
  Other Shipping Methods - Unless otherwise listed in your packing options, this would apply to any other shipping method such as shipments via flat rack, flatbed, open top containers, ro/ro or bulk.
Professionally Packed - This is cargo that has been packed by either the manufacturer or a professional packing and shipping firm in accordance with industry standards for that particular merchandise.

Q

R

Reconditioned As New - This is merchandise that has been completely put back into new condition by cleaning, repairing, and replacing of parts, etc., as needed so that the merchandise is like new.

S

Sum Insured - This is the amount of insurance for which the shipment is to be insured. Example: $56,455.25.
  • For International Shipments, this should be equal to the value of the commodity being shipped at: Invoice Cost plus Freight Charges to Destination plus 10%.
  • For Domestic Shipments (from US/Canada to US/Canada), this should be equal to the actual invoice cost to the insured party together with any additional costs and charges (including the commission of the Insured as a selling agent) that have been incurred. Pre-sold goods are valued at the amount of the Insured's selling invoice, including prepaid freight.
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