Export Contingency / Seller's Interest (Unpaid Vendor) Clause
PRODUCTS

Export Contingency / Seller's Interest (Unpaid Vendor) Clause

It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in this policy or endorsed thereon, this insurance is to cover goods sold on Cost & Freight, Free On Board or similar terms, which remain or become the property of and/or at the risk of the Assured as an unpaid vendor before inception of the transit subject always to the Special Conditions hereunder.

Special Conditions


  • The event causing the loss or damage is insured under the conditions of this policy.
  • The Assured shall at all times exercise reasonable care to prevent or minimize loss and/or damage.
  • The Assured shall in the first instance make claims against the Buyer's marine policy in the event of loss or damage insured under the conditions of this policy or claim against the Buyer under breach of contract.
  • The Assured must notify Underwriters immediately of the occurrence of any of the contingencies in Clause 1 above and provide evidence of the terms and conditions of the Contract of Sale to substantiate any claim made hereunder.
  • The Assured shall do whatever is necessary to secure their rights of recovery against any 3rd party including the Buyer in the event of loss or damage insured under the conditions of this policy and upon settlement of any claims hereunder the Assured shall assign such rights to Underwriters.
  • Warranted this insurance not to be divulged to buyer.
  • Should the Assured become aware that the consignee has failed to take up goods or documents or both and advises Underwriters promptly, then this insurance is converted to a primary one subject to contract terms and conditions on behalf of the Assured and shall remain in force subject to an additional premium until such time as the goods are either: 
    a) finally take up or
    b) otherwise disposed of, including reshipment.
  • This policy is to be for the benefit of the Assured hereunder only and not to be treated as double insurance.
  • Any assignment of this policy or interest or claims hereunder shall discharge Underwriters from all liability whatsoever.
  • Excluding claims hereon by reason of Government Action and/or regulations preventing transfer of currency.

 

 
 
 

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