TYPE: Marine Open Cargo

ASSURED:  Ramon Inc. or  Subsidiary Companies on behalf  of customers for whom they have instructions to insure or have authority to insure.

PERIOD:    12 months with effect from the 1st October, 2017 both days inclusive. Eastern Daylight Time. Renewed yearly.

CONVEYANCES:   Steamer and/or steamers in and/or over and/or air & conveyances and/or road and/or rail and/or conveyances of any description including transhipments.

INTEREST: Approved general merchandise and/or goods of any description EXCLUDING household & personal effects and automobiles. All other and similar interests to be declared and agreed by Underwriters.

Nominated 12 month covers to be agreed, prior to attachment on terms and conditions to be agreed by Underwriters.

PREMIUM/RATING:   Declarations of all insured shipments to be submitted to Insurers on a monthly bordereau. Premium to be charged in accordance with the premium rating as detailed within this document. Additional rating to be agreed by insurers prior to shipment.

BASIS OF VALUATION:   To be valued for insurance as declared but in the event of declaration after loss or arrival the basis of valuation to be invoice cost plus the expenses of and incidental to shipping (if not already included in the cost) and the charges of insurance plus 10% upon the whole.

LIMITS:

USD 5,000,000 Approved General Merchandise any one vessel, aircraft, conveyance or location.

To include duty and/or taxes as and where applicable within the above limits.

VOYAGE/SITUATION:   World to World as declared.

VOYAGE Exclusions

In respect of the following countries cover is excluded absolutely:

Afghanistan, Cuba, Democratic Republic of Congo, Iran, Iraq, North Korea, Syria, Libya and Crimea, including any other country on which the United Nations has imposed sanctions and including trade or economic sanctions, laws or regulations of the United Kingdom, European Union or United States of America, and any country where their local legislation decrees insurance must be effected locally, unless specifically declared and accepted by Underwriters prior to shipment.

In respect of the following countries this insurance cover will cease upon the discharge of the subject matter insured from the carrying conveyance at port/airport/border as applicable:

Algeria, Angola, Bangladesh, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Djibouti, Dominican Republic, Ecuador, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Georgia, Ghana, Guinea, Guinea-Bissau, Haiti, Ivory Coast, Jordan, Kenya, Lesotho, Liberia, Libya, Madagascar. Malawi, Mali, Mauritania, Mauritius, Mayotte, Mozambique, Namibia, Nicaragua, Niger, Nigeria, Pakistan, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Solomon Islands, Somalia, South Sudan, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Yemen, Zambia, Zimbabwe.

In respect of the following countries/areas this insurance cover excludes War and Strikes cover:

Algeria, Azerbaijan, Bangladesh, Bolivia, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Colombia, Congo, Ecuador, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Georgia, Guinea, India, Ivory Coast, Jordan, Kenya, Lebanon,, Madagascar, Mali, Mauritania, Moldova, Nepal, Niger, Nigeria, Palestinian Authority, Pakistan, Peru, Philippines, Russia, Saudi Arabia, Somalia, South Korea, South Sudan, Sudan, Uganda, Yemen, Zimbabwe.

CONDITIONS:   Against all risk of physical loss or damage to the subject matter insured from any external cause, but always subject to the following:

Institute Clauses:

Institute Cargo clauses (A) CL382 1.1.09

Institute Cargo clauses (C) CL384 1.1.09 as applicable Institute War clauses CL385 1.1.09

Institute Strike clauses CL386 1.1.09 Institute Classification clause CL354 1.1.01

Service of Suit clause (USA) – New York Court of Law only. Termination of Transit Clause (Terrorism).

Institute Radioactive Contamination Chemical, Biological, Bio-Chemical and Electromagnetic Weapons Exclusion Clause CL 370 10.11.03

Institute Cyber Attack Exclusion Clause CL380 10.11.03 Sanction limitation and exclusion clause

Contracts (rights of third parties) act 1999 exclusion clause.

This policy extended to include storage if required at rate of 0.05% per month or part subject to monthly declarations. Storage cover must be purchased alongside transit cover and not on a standalone basis.

Where storage cover has been agreed, conditions of insurance will exclude any loss or losses due to mysterious disappearance and including stock taking losses.

Excluding loss or damage arising from electrical or mechanical breakdown / derangement unless there is external damage to the insured goods that can be proven to have occurred during the policy period.

Unpacked/unprotected goods: We will not pay for loss or damage attributable to rusting, oxidation, discoloration, chipping, denting, marring, scratching, bruising, cost of repainting, twisting, bending and distortion.

Policy to include heavy equipment shipped on RO/RO vessels including driving on/off vessel.

Warranted all automobiles attaching hereto to be shipped in containers.

DEDUCTIBLES:    Approved General Merchandise, Motor Vehicles.

Shipments up to USD 1,000,000 – excess 1% of total sum insured with a minimum of USD 500.

Shipments over USD 1,000,000 – excess 0.50% of total sum insured. SEE CERTIFICATE OF INSURANCE.

Professionally packed household and personal effects: EXCLUDED

Values USD 0- USD 10,000 deductible USD 0.00 each and every claim.

Values USD 10,000 to USD 25,000 deductible USD 300.00 each and every claim.

Values USD 25,000 to USD 75,000 deductible USD 500.00 each and every claim.

Value over USD 75,000 deductible 1% each and every claim.

RETURNED GOODS:    Held covered at rate, terms and conditions subject to prompt notification.

EXCLUDED GOODS: Precious metals, diamonds and other stones Jewelry, watches; Bullion, money, credit cards, debit cards, ATM cards, cash-replacement cards, store and gift vouchers and cards, travellers cheques, securities, bonds, deeds, bank notes, treasury notes, stamps and similar cash substitutes; furs and precious carpets shipped as such. weapons and explosives of all kinds; live animals and plants; laptop computers, personal computers, semi processors, computer chips, memory modules, expansion cards, software licences, and the like; plasma screens; mobile telephones, pre-paid mobile phone vouchers, SIM cards, accessories and the like; tobacco, cigars, cigarettes and the like; nuclear fuel/waste Bulk Car Contracts, Chinese Groundnuts, Classic Cars – or any vehicle over 12 years of age, Fishmeal & Fish catch, Perishables (chilled &/or frozen meats, flowers, fresh fruits & vegetables), Livestock.

CONCEALED DAMAGE CLAUSE:    It is agreed that any loss or damage discovered on opening containers, cases and/or packages shall be deemed to have occurred during the transit insured hereunder (and irrespective of attachment of Assured’s interest) and shall be paid for accordingly unless proof conclusive to the contrary be established, it being understood that any containers, cases and/or packages showing visible signs of damage are to be opened immediately on the cessation of risk hereunder.

This agreement shall however only apply where such loss or damage is discovered within 14 days of the cessation of risk hereunder.

REMOVAL OF DEBRIS: This insurance extends to include costs and expenses necessarily incurred by the Assured in the removal of all debris of the property covered hereunder which may be occasioned by loss caused by any of the perils insured against. The indemnity provided by this clause shall be in addition to the indemnity provided elsewhere herein but be limited to a further 10% of the insured value of the goods lost or damaged.

REPLACEMENT OF GOODS BY AIR CLAUSE: In the event of loss or damage to the goods, insurers are to pay the cost of air freighting   the damaged parts to manufacturers for repair and return, or the air freighting of replacement parts from manufacturers and/or suppliers to destination. Notwithstanding that the goods lost or damaged were not originally dispatched by air freight. Cost to be limited to an amount not greater than the sum insured of the subject matter insured.

REPACKING CLAUSE: It is understood and agreed that should outer packing be damaged from any peril insured against which renders “The Insured “ interest unfit for on-shipment or distribution, irrespective of final destination shown herein Underwriters to pay the cost of reasonable repacking expenses provided such damage occurred during the currency of the policy.

LABELS CLAUSE:    In case of damage affecting labels, capsules or wrappers falling within the terms of this Contract, Underwriters shall not be liable for more than an amount sufficient to pay the cost of new labels, capsules or wrappers and the cost of reconditioning the goods. However, in any event Underwriters shall not be liable for more than the insured value of the damaged subject matter insured.

ON DECK SHIPMENTS BY CONTAINER:   Includes jettison and loss overboard.

BRANDS CLAUSE:   In case of damage to property bearing a brand of sale of which in any way carries or implies a guarantee, the salvage value of such damaged property shall be determined after removal of all brands and any trademarks; on containers from which the brand or trademark cannot be removed, contents shall be transferred to plain bulk containers. With respect to any merchandise and/or containers from which it is impractical to destroy all evidence of the Assureds’ connection therewith, the Assurer agrees to consult with the Assured with respect to the disposition of the said merchandise and/or containers.

LETTER OF CREDIT CLAUSE:    Where the Assured is obliged to arrange insurance in accordance with any instructions contained in a Letter of Credit such cover is granted hereunder, provided it does not exceed the existing provisions of this contract wording or held covered at premium to be agreed.

SEAWORTHINESS:   Notwithstanding the above and irrespective of the Letter of Credit requirements the interest of the Assured named herein, shall always be protected hereunder against all risks covered by the contract wording.

ADMITTED CLAUSE:    When cargo insured hereunder is carried in containers, it is agreed, as between the Assured and the Underwriters that the seaworthiness and/or cargo worthiness of the container is hereby admitted.

MOTOR VEHICLES:

MOTOR VEHICLE CONDITIONS Standard Conditions apply but subject additionally to: ON DECK SHIPMENTS: Excluding Vehicles shipped on deck other than in containers. DURATION CLAUSE: This insurance attaches from the time the vehicle is handed over to the carrier or agent at the place named for the commencement of the transit, including where required a period not exceeding 15 days in compound whilst awaiting loading, continues during the ordinary course of transit and terminates either compound whilst awaiting loading, continues during the ordinary course of transit and terminates either: when the vehicle is handed over to the Assured or his agent at the destination named, or on delivery to a place of storage other than in the ordinary course of transit, or on expiry of 10 days from the time the vehicle becomes available for collection by the Assured or his agent, whichever shall first occur

VALUATION & AVERAGE CLAUSE The vehicle should be insured for its full market value at destination including freight if required. In the event of the sum insured being less than full market value of the vehicle at the time and place of loss, the Assured shall only be entitled to recover hereunder such proportion of the loss as the sum insured bears to the full market value of the vehicle.

DEPRECIATION   Underwriters’ liability is restricted to the reasonable cost of repair and no claim is to attach hereto for depreciation consequent thereon. In no case shall liability hereunder for such repairs exceed the sum insured in respect of the damaged vehicle.

RESPRAYING Re spraying of vehicles is limited to damaged parts only.

DEDUCTIBLE   The Assured shall bear the first 1% of consignment value per vehicle (or minimum USD500) as stipulated within the Certificate of Marine Cargo Insurance if greater each & every claim.

EXCLUSIONS
VEHICLES OVER 5 YEARS OF AGE

Excluding the risks of scratching, denting, chipping, bruising, marring, staining, rust, oxidisation & discolouration unless caused by an insured peril.

VEHICLES WITH NO CERTIFICATE OF CONDITION*
Excluding the risks of scratching, denting, chipping, bruising, marring, staining, rust, oxidisation & discolouration.

* Certificate of Condition is defined as: A document stating the condition of the vehicle at the time the vehicle enters the custody of the freight forwarder or steamship company noting all defects agreed by both the freight forwarder and the owner of the vehicle and signed at the same time.

CLASSIC CARS   Excluding any motor vehicles over twelve (12) years of age without prior approval from Underwriters.

MECHANICAL, ELECTRICAL DERANGEMENT
Excluding the risks of mechanical, electrical or electronic breakdown &\or derangement.

CLIMATIC CONDITIONS Excluding loss or damage arising from climatic or atmospheric conditions or extremes of temperature or freezing of coolant.

RUST, OXIDISATION & DISCOLOURATION Excluding the risks of rust, oxidisation and discolouration unless caused by a peril insured under the terms of the Institute Cargo Clauses (C).

ACCESSORIES Excluding loss or damage to accessories &\or portable items unless declared prior to shipment

AUDIO EQUIPMENT Excluding theft &\or pilferage of audio equipment, including but not limited to radios, CD players, speakers and similar items unless stolen with the vehicle.

OWN POWER   Excluding loss or damage whilst the insured vehicle is being driven under its own power or whilst being towed, except whilst being loaded or unloaded from the carrying conveyance including containers.

THIRD PARTY LIABILITY Excluding damages, injury or liability to any third party absolutely.

MOTOR INSURANCE    Excluding any claim recoverable under a policy of Motor Insurance.

CONFISCATION    Excluding the risks of confiscation & seizure.

HOUSEHOLD & PERSONAL EFFECTS:
Not covered

This clause is subject to all other policy conditions and exclusions.

SUBROGATION CLAUSE:    The Assured shall, at the request of Underwriters or their

agents, assign and subrogate to Underwriters these at time of payment and to an amount not exceeding the sum paid by these Insurers all their rights and claims against others and permit suit to be brought in the Assured’s name but at Underwriter’s expense; the Assured further agrees to render all reasonable assistance in the prosecution of said suit or suits.

CLAIMS: In the event of loss or damage which may involve a claim under this policy, immediate notice of such loss or damage should be given to the claims handling agents detailed below or the Surveyor named in the Certificate. When submitting a claim under this policy the following documents should be forwarded: 1. The Original Certificate of Marine Cargo Insurance (or quote the Certificate number). 2. The Original or Copy shipping invoices, together with shipping specification and/or weight Notes. 3. The Original bill of landing and/or Contract of Carriage. 4. The Survey Report, or other documentary evidence to show the extent of the loss or damage. 5. The landing account and weight notes at final destination. 6. All correspondence exchanged with the Carriers and other parties regarding their liability for the loss or damage. FAILURE TO COMPLY WITH THESE INSTRUCTIONS MAY PREJUDICE ANY CLAIM UNDER THIS POLICY.

CLAIMS PROCEDURE: In the event of any loss of damage following a risk recoverable under this policy, immediate notice must be reported to contact on insurance certificate only

COVER OR CLAIMS PAYMENT SUBJECT TO PREMIUM PAYMENT BY THE CLIENT.

EXPRESS WARRANTIES: None.

CHOICE OF LAW & JURISDICTION: This insurance shall be governed by and construed in accordance with the laws of the United States of America and each party agrees to submit to the exclusive jurisdiction of the court of the United States.