who has to Insure the goods
Post 1 of 2
As we are buying
Terms of payment D/P
Delivery terms C&F
at this condition if the vessel fails to reach the destnation port for any good or bad reson, Who is responceble for the goods Where as no one will hold the insurance with them . As buyer will not pay for the goods as he can find the vessel details and it's posision. And still he has time to re-sent the document to the buyer.
Terms of payment D/P
Delivery terms C&F
at this condition if the vessel fails to reach the destnation port for any good or bad reson, Who is responceble for the goods Where as no one will hold the insurance with them . As buyer will not pay for the goods as he can find the vessel details and it's posision. And still he has time to re-sent the document to the buyer.
14 Apr 2007 00:39
Post 2 of 2
Replying to [mirna]:
The correct term is CFR (Cost and Freight named port of destination), not C&F.
When trading under CFR, it is clear that buyer has to take up cargo insurance for his benefit. It is very important to indicate a statement such as this contract of sale dated xxyyzz is subject to INCOTERMS 2000
In the event of loss of or damage to the goods, buyer can claim from the insurance provider for the insured amount. Insurance company will include all related risk clauses for cargo (A,B or C clauses) and/or Strike clauses. You should consult your insurance provider for further details.
The correct term is CFR (Cost and Freight named port of destination), not C&F.
When trading under CFR, it is clear that buyer has to take up cargo insurance for his benefit. It is very important to indicate a statement such as this contract of sale dated xxyyzz is subject to INCOTERMS 2000
In the event of loss of or damage to the goods, buyer can claim from the insurance provider for the insured amount. Insurance company will include all related risk clauses for cargo (A,B or C clauses) and/or Strike clauses. You should consult your insurance provider for further details.
20 Apr 2007 03:32
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