Cargo Transportation Insurance
Terms involved
the insurant / insured/assured The party that buys insurance (exporter/importer)the insurer The party undertaking to indemnify the insurant against losses or damages (PICC)the claimantThe claimant may not necessarily be the insurantthe insurance policy   - The contract made between the insurer and the insured the insured amount         - The amount covered against the subject matter ( which is usually the amount of 110% of CIF value of the consignment) prem ...