GenX Insurance Policy: Analysis of Coverage and Exclusions

This document provides a detailed analysis of a GenX Insurance marine insurance policy. It begins with a review of the policy details, including the parties involved (ABC Chicken Grower and Exporters Co. Ltd and XYZ Chicken importers Co. Ltd), policy number, invoice number, vessel information, insurance dates, and the goods insured (100 tons of whole chicken meat). The analysis then examines the value of the insured article, the rate of premium, and the total premium. The document also includes the exclusion clauses, which outline the risks not covered by the policy, such as willful misconduct, inherent vice, and unseaworthiness of the ship. The terms and conditions of the policy are reviewed, including the requirement for refrigerated storage and the coverage provided by Clause B and Clause C of the Institute Cargo Clauses. The document also highlights the paramount warranties and the procedure for making claims. Finally, the document provides the contact information for GenX Insurance Company and references to relevant legal frameworks such as UCP 600, Carriage of Goods by Sea Act 1971 and other key elements of commercial law such as export sales, shipping documents and finance mechanisms.

GENX INSURANCE
In consideration of insurance premiums, being paid to GenX Insurance insurance by the assured to
minimize the loss to the buyer in case of loss of goods, the insurer makes insurance on the following
goods, subject to the general conditions of GenX Insurance insurance. The general terms and conditions
are printed in the back page.
Assured name:
ABC Chicken Grower and Exporters Co. Ltd
TRNC
Buyer:
XYZ Chicken importers Co. Ltd
Beirut, Lebanon
Number of the policy
54788960
Invoice No.
1325778899
Vessel name and no.
Cruise Control / 100 Insurance starting date:
26-03-2017
Date of insurance expiring:
03-04-2017
Place of origin:
TRNC
Port of Loading:
Dhauli, TRNC
Final place of delivery:
Beirut
Country of discharge:
Lebanon.
Sailing date: 26/03/2017
Article / goods insured : 100 Tons of whole chicken meat snap frozen
Pieces and weight: 49,392 pieces/ 120,000 KG
Value of insured article: US$ 531,000.00
Rate of premium: 2%
Total premium: US$10,620
Exclusion clause:
This insurance is also subject to the following ICC cargo clauses exclusion:
 Loss, damages of expenses attributable to willful misconduct of the assured.
 Loss caused by the ordinary leakage, loss in weight, or volume, or wear & tear to the goods
 Loss, damages or expenses caused by inherent vice or nature of the nature of the subject matter insured
 Loss, damage or expenses caused by insufficiency or unsuitability of packing
 Deliberate damage or deliberate destruction
 Unseaworthiness of ship with privity of the assured
 War, seizure and detainment
 Strikes, riots, civil commotion and terrorism
 Change of voyage, deviation and delays, if made by the assured unless insurer is informed and extra premium is paid
TERMS AND CONDITION

The goods must be stored in ship in the refrigerated chambers
Clause B: covers loss or damages caused by institute cargo clause (c) and also; earthquake, entry of sea, lake or river water into the vessel,
washing overboard, total loss of package whilst loading onto or unloading from the vessel.
PARAMOUNT WARRANTIES: No modification or changes in the following warranties shall be made or allowed until unless specifically
made to exclude certain specific risks not covered in the insurance cover.
In order to maintain any suit against this certificate it is necessary that such suit has been registered within 2 years from the date of the loss arising.
It is also important to note that only specific risks mentioned shall be covered in the insurance. Thus, loss arising for any risks which are not
covered by the insurance the insurance company will not be liable to make good the loss cause to any or both the parties.
President
Robert Radcliff
Vice President
Ken Richard
Date
27/03/2017
Signature of authority
Signature of assured
In the event of loss or change apply to;
GenX Insurance Company
445, St. Patinson Road,
Girne, TRNC 22775.
MARITIME INSURANCE POLICIES
CLAUSE C: Following losses are covered:
 Fire explosion
 Grounding.
 Loss due to sinking of the vessel.
 Washing overboard
 Loss while loading or unloading.
 Loss and destruction of goods due to natural disaster.
 Loss due to Earthquake.
CLAUSE B: Covers loss or damage caused by institute cargo clause (c) and also;
 Washing overboard
 Loss while loading or unloading.
 Loss and destruction of goods due to natural disaster.