Is a receipt of Cargo for shipment by a consolidator (used in Ocean Freight).
Insurance Encyclopedia
Cargo shippers’ agent
One who acts as an agent on behalf of cargo owners or shippers, or both, to procure cargo insurance only on behalf of a cargo owner or shipper for whom the agent is also arranging for the carriage of goods.
Cargo specie
See: SPECIE.
Cargo value
The value placed on cargo for insurance purposes when insured under a valued policy. It normally extends to include all charges and profit.
Cargo War Risk Policy
A separate cargo policy covering cargo while waterborne only (except at transshipping point, which may be on land or water). Insures against war risks.
Carnet
A customs document permitting the holder to carry or send merchandise temporarily into certain foreign countries (for display, demonstration, or similar purpose) without paying duties or posting bonds.
Carpenter Cover
(01) The working cover subject to a prospective rating plan. (02) A form of excess reinsurance wherein each year’s premium rate is determined by the amount of the ceding insurer’s excess losses for a specified number of preceding years. A form of experience rating. See Also: “Spread Loss Reinsurance.”
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Refer: “Reinsurance, Spread Loss”
Carpenter plan
A name for spread loss reinsurance first introduced in the US by a broker named Carpenter.
Carpenter plan (Reinsurance)
A reinsurance plan wherein the premium is determined by the amount of the insurance company’s losses during a period of time.
Carriage by Air Act 1961
Enacts the Hague Protocol in the UK.