Shippers Interest
Clause – Insurable interest for loss or damage
Upon written request by Customer that Service Provider shall take out insurance for loss or damage to the goods, and Service Provider’s acceptance of that request:
1. Customer shall assign to Service Provider, and Service Provider shall assume, the legal insurable interest of the Customer for loss or damage to the Goods during the period that Goods are in Service Provider’s custody pursuant to the scope of Service Provider’s service, up to the value declared by the Customer but in no circumstances exceeding USD 5,000,000 per shipment unless otherwise approved by Service Provider in writing.
2. Service Provider shall use reasonable endeavours to keep in force cargo insurance coverage on 'all-risk' terms identical or materially similar to 'Institute Cargo Clauses (A) CL 382 01/01/2009' if obtainable and always subject to the nature of the commodity. If such coverage is not obtainable, Service Provider will use reasonable endeavours to keep in force cargo insurance on terms reasonably obtainable.
3. The deductible for the insurance shall be nil unless otherwise agreed between Maersk and Customer. If a deductible is agreed, Customer shall be solely and fully responsible for any deductibles or self-insured retentions under any required coverage. Notwithstanding anything else provided under this Agreement, the Service Provide shall not compensate Customer in relation to a deductible or self-insured loss when Service Provider has taken out the insurance and Customer has agreed to such deductible.
4. The Customer warrants that it shall, in reasonable time prior to commencement of Service Provider’s service, and at no cost to the Service Provider, provide and disclose all material information which a reasonable insurer would deem relevant in deciding to underwrite the relevant risks, including details relating to the beneficiary. Failure to provide any such material information may invalidate any insurance coverage and Customer shall indemnify Service Provider and Insurer against any and all liability arising out of or relating to breach of this warranty by the Customer.
5. Customer warrants that all information provided by the Customer to the Service Provider in relation to insurance is accurate, correct, and complete and Customer shall indemnify Service Provider and Insurer against any and all liability arising out of or relating to breach of this warranty by the Customer.
6. The Service Provider shall provide the Customer with a certificate of insurance upon request and charge the Customer the insurance premium levied by the insurer.
7. In the event of late settlement of the premium by the Customer, the insurance may be cancelled or coverage invalidated without further notice to the Customer.
8. Claims must be reported by the beneficiary of the insurance in accordance with the requirements of the certificate of insurance.
9. Customer warrants that the nature of the beneficiary, the cargo and the voyage does not expose the Service Provider or insurers to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.
10. Service Provider is not a professional insurance advisor, broker or insurer and does not advise on the adequacy of sums, deductible, or coverage of the insurance and any actions or information provided by Service Provider to the Customer cannot be construed as such advice. The Customer shall retain the sole risk of adequacy and suitability of the insurance.
11. Service Provider may hold separate risk and financial interests in the arrangement of the insurance.