CMFAS CGI Marine Cargo & Hull Insurance question: practical takeaway for a commercial

CMFAS CGIMarine Cargo & Hull Insurance

The practical takeaway for a commercial adviser is that three things must be aligned. Which set correctly states them?

A The Incoterm, the party with insurable interest, and the policy's attachment and grade of cover
B The vessel's age, the carrier's flag state and port of registry, and the crew's nationality
C The premium rate, the broker's commission, and the insured's claims history over the past five years
D The hull value, the P&I club entry, and the number of crew carried on the voyage

Show the answer and explanation

Answer: A. The Incoterm, the party with insurable interest, and the policy's attachment and grade of cover

The adviser must align the Incoterm (who bears risk and when), the party with insurable interest, and the cargo policy's attachment and grade of cover so the goods are insured by the right party for the whole journey.

Common mistake

Choosing operational vessel or pricing details rather than the risk/interest/cover alignment.

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CMFAS CGI Marine Cargo & Hull Insurance question: practical takeaway for a commercial

Answer: A. The Incoterm, the party with insurable interest, and the policy's attachment and grade of cover

Common mistake

Related CMFAS CGI questions

CMFAS CGI Marine Cargo & Hull Insurance question: practical takeaway for a commercial

Answer: A. The Incoterm, the party with insurable interest, and the policy's attachment and grade of cover

Common mistake

Related CMFAS CGI questions