C · 3
Cargo insurance (marine cargo insurance)
Insurance against loss of or damage to goods and related expenses during transit. Cover is usually defined by the Institute Cargo Clauses (A, B or C), with war and strikes risks added by separate clauses. The sum insured is typically 110 % of the CIF value. Which party insures depends on the Incoterm; under rules other than CIF and CIP, whoever bears the transit risk should buy its own cover. Claims require a survey report, bill of lading, invoice and a damage report.
Charter party (C/P) C/P
The contract between a shipowner and a charterer governing the use of a ship. Under a voyage charter a specific cargo is carried between named ports at a freight per tonne; under a time charter the ship is hired for a period at a daily rate; under a bareboat charter it is leased without crew. Standard forms include GENCON, NYPE and ASBATANKVOY. Bulk sales contracts should be drafted so that loading rates and demurrage terms are back-to-back with the charter party.
Container types (20’, 40’, 40’HC, reefer, open top)
A 20-foot container (about 33 m³, payload around 25–28 t) suits heavy, dense cargo such as metals, minerals and bagged chemicals; a 40-foot (67 m³) and 40-foot high cube (40’HC, 76 m³, ~26 t) suit light but bulky goods such as plastic granules, fibres and foam. In practice road weight limits are often more restrictive than container capacity. Reefers are used for the cold chain, open-tops and flat racks for machinery and oversized items, and tank containers for liquids.