Trade Wiki

Contribute to Trade Wiki
Besttradesolution welcomes users contribution to Trade Wiki. If you have more detail on the subject and confident to explain the subject matter better, please feel free to update the information.It may take some time to appear your update on the site while we process any submission.Please do not copy information directly from other sites. Thank you for your contribution.

Contingency Insurance (or difference in conditions) [Last Updated by: admin on 2012-01-01]
Insurance coverage taken out by one party to an international transaction to complement and fill in any gaps in the coverage taken out by the counterparty. Thus, the open account exporter on FOB Incoterms does not have an obligation to insure the goods during the main international transport, but may wish in any event to take out contingency insurance so that if the goods are lost or damaged there will be no loss to the buyer (such a loss might lead to disagreements or disruption of commercial relations with the buyer, even if the seller was not legally at fault).

Please Login to Update This Term

Sponsored Content

Recent Reviews

ICC Guide to the Uniform Rules for Bank Payment Obligations
ISBP Online
From Beginning to Beginning

Latest in Trade Library

UCP 600 Exclusions in Perspective
Use of Transport Document in International Trade
The Place of Receipt Case

Your Right To Vote

Which Letter of Credit Expires in Importing Country instead of Exporting ?
It is Usance L/c
It is Deffered L/c
Never Heard of It

Poll initiated by FaisalFahim

Contingency Insurance (or difference in conditions) - Best Trade Solution