International freight insurance rules

Ship classification condition
Any type of vessel, seagoing or ocean-going vessel with a metal hull and actuating force, which has been approved in terms of classification by one of the members or affiliates of the International Association of Classification Institutions (IACS) or authorized Iranian classification institutions, as well as In terms of age restrictions also in accordance with the classification clause, it is considered a classified ship.

The insured sea transport must be carried out by a classified ship, otherwise the insurer is obliged to inform the insurer of the specifications of the ship or vessels in question before starting the transport and obtain the consent of the insurer. If the goods are transported by unclassified ship without informing the insurer, the insurer is obliged to notify the insurer immediately after the notification and accept the conditions and additional rates related to the transport of goods by unclassified ship.

In freight and transport insurance policies, the vehicle of which is a ship, the word “ship classified according to the attached clause” is mentioned in the text of the “insurance policy”.
Value added insurance
According to the general rules and conditions of the Cargo and Transportation Insurance Regulations, at the request of the “insurer”, the insured capital can be added for freight, non-profit and other costs. One of the tools for identifying the components that make up the value of the goods contained in the invoices for international shipments is the use of incoterms. For example, invoices issued under FOB terms do not include shipping costs.

However, in the case of non-profit, regardless of the conditions of Incoterms, if the “insurer” is applying for surplus value due to non-profit, he must add 10% to the insured capital.
Uniform Contracts for the Purchase and Sale of Goods (Incoterms)
Incoterms is a set of international regulations for the interpretation of common terms used in international trade to prevent the multiplicity of interpretations of these terms in different countries.

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