Seller’s Interest Insurance Clause : Seller under FOB and C & F contracts may effect a contingency Insurance to cover their interest if the consignee refuses damaged goods or is unable to take delivery by paying for the goods because of insolvency. A sellers’ contingency Policy covers physical loss/damage to the cargo insured subject to the terms and condition of the Policy to protect only interest of the insured. This Insurance is not assignable except to a banker operating in India. The “interest of the seller” refer to the fact that he remains unpaid under this contract of sale. Following a physical loss or damage to the cargo insured, either total or partial, the buyer should have rejected the entire consignment/contract. Partial deduction of amount from an invoice for partial damage is not covered. There is also a warranty of secrecy i.e., the existence of this insurance should not be made known to the buyer of the goods. Claims are to paid to Insured in Indian currency. Subrogation applies.