I n s u r a n c e
M a n a g e m e n t
MARINE INSURANCE
OPEN POLICY NO. A*02-70-20452
MACSTEEL INTERNATIONAL
TRADING B.V.
Breffka & Hehnke GmbH & Co. KG
Mörsenbroicher Weg 151
D - 40470 Düsseldorf
Email: bh@breffka-hehnke.de
Tel.: +49 211 610 71 - 0
Fax: +49 211 610 71 - 21
Internet: www.breffka-hehnke.de
MARINE INSURANCE
OPEN POLICY NO. A*02-70-20452
Assured
:
Macsteel International Trading B.V.
World Trade Center, Amsterdam
Strawinskylaan 333
Tower B 3rd floor
1077 XX Amsterdam
The Netherlands
Duration of Cover
:
16.05.1994 – 31.12.2020
(first and last day included)
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Unless this policy is cancelled three months prior to
expiry by registered letter, same is considered to be
prolonged from calendar year to calendar year.
Conveyance
:
All usual means of transport
Geographical limits
:
Shipments from all places of the world to all places
of the world including storage.
Maxima
:
USD 30.000.000,00 per anyone conveyance
USD 30.000.000,00 per fire separated store
(or equivalent in other currency).
Contractual Basis
:
As per following pages and attachments.
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Index
1
PARTICIPATING UNDERWRITERS
1.1
1.2
1.3
2
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8
8
9
RANKING ORDER OF CONDITIONS
PRINTED CONDITIONS AND CLAUSES
INTERNATIONAL CONDITIONS OF INSURANCE
9
9
9
10
INTEREST INSURED
NATURE OF GOODS COVERED
GEOGRAPHICAL LIMITS
10
10
10
12
FORM OF COVER
RUST-WARRANTY
BULK CARGO
DANGEROUS GOODS - REQUIREMENTS FOR INCLUSION OF SELF-COMBUSTION
DECK CARGO
PRE-CARRIAGE GOODS OR RETURNED GOODS
POLITICAL RISKS
CONFISCATION
INSOLVENCY OR FINANCIAL DEFAULT OF THE SHIP-OWNER ETC.
RISKS AND CLAIMS NOT INSURED BY THIS POLICY
6.1
6.2
6.3
6.4
7
THE INSURED
FURTHER INSURED COMPANIES
EXTENT OF COVER
5.1
5.2
5.3
5.4
5.5
5.6
5.7
5.8
5.9
6
8
SUBJECT OF INSURANCE
4.1
4.2
4.3
5
7
7
7
CONTRACTUAL BASIS
3.1
3.2
3.3
4
LIST OF UNDERWRITERS PARTICIPATING IN THIS CONTRACT
LITIGATION AGAINST UNDERWRITERS
COMPETENCY OF COURT
ASSURED
2.1
2.2
3
7
16
DEFAULT OF THE ASSURED
INAPPROPRIATE AND INADEQUATE PACKING
EXCLUSION "DIRTY BOMBS"
NON–INSURED RISKS AND EXCLUSIONS AS PER ADS CARGO 1973
CONTINGENCY INSURANCES
7.1
7.2
7.3
7.4
Macsteel International Trading B.V.
16
16
16
16
17
CONTINGENCY (EXPORT)
CONTINGENCY COVER (IMPORT) – DIFFERENCE IN CONDITION COVER (DIC)
DOMESTIC TRANSPORTS AND STORAGE
REQUIREMENTS AND OBLIGATIONS
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13
13
13
14
14
15
15
15
17
18
18
18
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8
INSURED PERIOD
19
8.1
8.2
8.3
8.4
8.5
8.6
COMMENCEMENT OF RISK
TRANSFER OF RISK
LASH SHIPMENTS
WAREHOUSE TO WAREHOUSE EXTENSION
END OF THE INSURANCE
DIFFERENTIATION BETWEEN MARINE AND ERECTION INSURANCE - NOT
APPLICABLE 8.7
MACHINERY - NOT APPLICABLE 8.8
PRE-SHIPMENT AND ONWARD TRANSPORTATION
8.9
FOB, FAS AND CFR DELIVERIES ALONG WITH A LETTER OF CREDIT
8.10
INTERRUPTION BY WAR
9
MEANS OF TRANSPORT
19
19
19
19
21
22
22
22
22
22
23
9.1
CLASSIFICATION AND AGE CLAUSE
23
9.2
AMENDMENT OF ARTICLE 3.2.1 AND 3.2.2 ADS CARGO 1973
23
9.3
ALTERATION OR ABANDONMENT OF CONVEYANCE (AMENDMENT OF ARTICLE 4
ADS CARGO 1973)
23
10
STORAGE RISKS
24
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10.1
EXTENT OF COVERAGE
24
10.2
INTERMEDIATE STORAGE AT PACKERS' WAREHOUSES ETC. – NOT APPLICABLE - 24
10.3
STORAGE BASED ON ‘CONSIGNMENT-STOCK-‘ AND ‘COLLATERAL-MANAGEMENTAGREEMENTS’ – NOT APPLICABLE 24
10.4
WAREHOUSE UNDER CONTROL OF THE ASSURED
24
10.5
PERMANENT WAREHOUSES
24
10.6
REQUIREMENTS
24
11
INSURED DISBURSEMENTS AND COSTS
11.1
11.2
11.3
11.4
11.5
11.6
11.7
11.8
11.9
11.10
11.11
11.12
11.13
11.14
11.15
11.16
11.17
12
25
LOSS MINIMISING
LABEL CLAUSE
BRANDS CLAUSE
RECOVERY OF PACKAGING AT THE INSURED FINAL DESTINATION
BOTH-TO-BLAME COLLISION AND NEW JASON CLAUSE
COSTS OF INVESTIGATION AND DETECTION OF DAMAGE
TRANSIT CLAUSE
CONTAINER DAMAGE CLAUSE
IMPORT DUTY ETC.
GENERAL AVERAGE
TRANSIT FEES
ADDITIONAL COSTS
COSTS OF TRANSHIPMENT
COSTS FOR CLEARING OF DEBRIS
COST OF RELOCATION AND PROTECTION OF PROPERTY CLAUSE
TRAFFIC SAFEGUARDING MEASURES
CONSEQUENTIAL LOSSES
EXHIBITIONS AND FAIRS - NOT APPLICABLE -
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25
25
25
26
26
26
26
27
27
27
27
28
28
29
29
29
30
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13
MAXIMA
13.1
13.2
13.3
14
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32
32
32
32
32
33
33
33
33
33
33
34
34
34
34
34
34
34
34
34
35
36
BASIS OF PREMIUM CALCULATION
NOT LAID DOWN PREMIUMS AND CONDITIONS
WAR, MINES, TORPEDOES
OVERAGE PREMIUM
DANGEROUS CARGO
36
36
36
36
36
37
DECLARATION OF TURNOVER
DECLARATION FROM CASE TO CASE
ERROR AND OMISSION CLAUSE
DECLARATION PRIOR TO COMMENCEMENT OF THE RISK
CLAIMS
18.1
33
INSURED VALUE
IMAGINARY PROFIT AS PER ARTICLE 15.1
INSURED VALUE IN CASE A CLAIM IS KNOWN
INSURED VALUE – WITHOUT INVOICE –
INSURED VALUE – CHANGE –
OVER- RESPECTIVELY ADDED VALUE INSURANCE
INDEMNIFICATION
PURCHASES
SALES
COMMISSIONS- AND CONSIGNMENT TRANSPORTS
INTERMEDIATE TRANSPORTS AND STORAGES
SELF-REPAIR - NOT APPLICABLE REPAIR BY OTHERS
DAMAGE OR LOSS OF PARTS OF A MATERIAL ENTITY
SALES OF GOODS BEFORE TERMINATION OF THE INSURED TRANSPORT
DAMAGED GOODS
DECLARATION
17.1
17.2
17.3
17.4
18
32
DECLARATION IN FREIGHT DOCUMENTS
RECOVERIES
LOADING SUPERVISION
DISCHARGE SUPERVISION / HATCH OPENING SURVEY
GOODS AND VOYAGES NOT NAMED
BLANK INSURANCE CERTIFICATES
PREMIUM
16.1
16.2
16.3
16.4
16.5
17
31
31
31
INSURED AND CLAIM VALUE
15.1
15.2
15.3
15.4
15.5
15.6
15.7
15.7.1
15.7.2
15.7.3
15.7.4
15.8
15.9
15.10
15.11
15.12
16
LIABILITY OF UNDERWRITERS
AGREED MAXIMA
EXCEEDING MAXIMA
OBLIGATION AND RESPONSIBILITIES OF THE ASSURED
14.1
14.2
14.3
14.4
14.5
14.6
15
31
37
37
37
37
38
CLAIM-INSTRUCTIONS
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18.2
18.3
18.4
18.5
18.6
18.7
18.8
19
FORWARDING AGENT CLAUSE
40
20
RESPONSIBILITY CLAUSE
41
21
LOSS PREVENTION
42
21.1
21.2
21.3
21.4
21.5
21.6
22
PLASTIC SHEETING AND RAM-NECK ® TAPE
SHIPPING AT LOW TEMPERATURES
PACKED MATERIAL
NON-COMPLIANCE
SHIPPING AND PURCHASE CONTRACTS
LOADING AND DISCHARGE SUPERVISION
ALTERATION OF CONTRACT
22.1
22.2
22.3
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ASSESSMENT
38
§ 72 ADS DISAPPEARANCE
38
TOTAL LOSS
38
SPECIAL CONDITIONS FOR SENDINGS WITH PARCEL SERVICES - NOT APPLICABLE 38
CASUALTY DURING HANDLING OF GOODS
39
HIDDEN DAMAGES (MATERIAL SEAWORTHY PACKED IN PACKAGES OR COILS) 39
LOSS PAYEES
39
DOCUMENTATION
ALTERATION OF UNDERWRITERS
PROTECTION OF VESTED RIGHTS
42
42
42
42
43
43
44
44
44
44
23
INFORMATION PROTECTION CLAUSE
45
24
FURTHER AGREEMENTS
46
24.1
25
PREMIUM SCHEDULE
25.1
26
PROFIT COMMISSION
47
PREMIUM SCHEDULE
GLOSSARY
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47
49
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1 Participating Underwriters
1.1
List of Underwriters participating in this Contract
Leading Underwriter:
22,5 %
AXA Versicherung AG, Düsseldorf
Further Underwriters (and their Shares):
19,0 %
13,0 %
11,5 %
8,5 %
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7,0 %
5,0 %
4,5 %
3,0 %
3,0 %
3,0 %
Allianz Esa cargo & logistics GmbH, Bad Friedrichshall,
on behalf of Allianz Versicherungs-AG, München
ERGO Versicherung AG, Düsseldorf
HDI Global SE, Düsseldorf
KA Köln.Assekuranz Agentur GmbH, Köln
Im Namen und in Vollmacht der ERGO Vers. AG
KRAVAG-LOGISTIC Versicherungs-AG, Hamburg
Mannheimer Versicherung AG, Mannheim
Alte Leipziger Versicherung AG, Oberursel
Gothaer Allgemeine Versicherung AG, Köln
Helvetia Schweiz. Versicherungs-Ges. AG, Frankfurt
Nürnberger Allgemeine Versicherungs-AG, Nürnberg
1.2
Litigation against Underwriters
1.2.1
The assured will, in case of legal disputes arising out of this contract, present
their claim, restricted to its portion, only against the leading underwriter.
1.2.2
All underwriters participating in this contract accept any verdict against the
leading underwriter, which has become valid as well as any compromise
agreed by the leading underwriter.
1.2.3
If the portion of the leading underwriter is too low to apply for a revision to
the next higher court, the assured are entitled and if demanded, by the leading and / or participating underwriter held, to extend their lawsuit to the second, if necessary also to the third and fourth underwriter until the sum
needed has been reached. If this warranty is not complied with, contents of
article 1.2.1 are not applicable.
1.3
Competency of Court
Competency of court at the option of the assured – Germany or the place where
the assured companies are domiciled. German law is applicable.
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2 Assured
2.1
The Insured
Macsteel International Trading B.V.
World Trade Center, Amsterdam
Strawinskylaan 333
Tower B 3rd floor
1077 XX Amsterdam
The Netherlands
2.2
Further Insured Companies
Macsteel International Trading B.V. (DMCC Branch)
25th Floor, Silver Tower
Jumeirah Lake Towers
Dubai
United Arab Emirates
Macsteel International Far East Limited
Suite 1921, Sun Hung Kai Centre Road,
Wanchai
Hong Kong
Peoples Republic of China
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The terms and conditions set out in these policy wording for the assured also
apply for further assureds respectively co-insured companies.
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3 Contractual Basis
The terms and conditions of this policy apply solely under the administration of
Breffka & Hehnke. A transfer and/or assignment of this policy is not permitted and
will not bind the underwriters participating in this contract.
3.1
Ranking Order of Conditions
The written agreements shall take precedence over all printed terms and
clauses.
3.2
Printed Conditions and Clauses
3.2.1
Agreed conditions and clauses
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












3.2.2
German General Rules of Marine Insurance Special Conditions for Cargo
(ADS Cargo 1973)
Special Conditions for Open Policies
Instructions to be followed in case of loss or damage
Breffka & Hehnke War Clause 2015
Breffka & Hehnke Strikes, Riots and Civil Commotions Clause 2015
Breffka & Hehnke Classification and Age Clause 2017
Breffka & Hehnke Contingency and DIC Insurance Clause 2015
Breffka & Hehnke Isotopes Clause 2015
Breffka & Hehnke Consequential and Pure Financial Losses Clause 2015
Breffka & Hehnke Cost of Relocation and Protection of Property Clause 2015
Institute Cargo Clauses ‘A’, ‘B’, ‘C’ 01/01/2009
Institute War Clauses (Cargo) 01/01/2009
Institute Strikes Clauses (Cargo) 01/01/2009
Validity of the Clauses
The clauses mentioned under article 3.2.1 apply within the latest, with the
leading underwriter agreed version unless they do not disadvantage the assured/insured.
If a premium increase is connected with the new wording of a clause, the increased premium will be calculated from the time of the amendment and is
payable unless the assured expressly declines the amendment.
3.3
International Conditions of Insurance
Instead of the German Conditions agreed upon, the use of other international
clauses of marine insurance, especially the Institute Cargo Clauses or American
Clauses, may form part of this contract if applied for by consignees or by contents of Letter of Credit. Where this is the case, the respective conditions of
this contract remain in force but, for the benefit of the insured companies only.
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4 Subject of Insurance
4.1
Interest Insured
4.1.1
The insurance is valid for account of whom it may concern.
The insurance covers any monetary interest, including imaginary profit, duties,
freights and the like.
Interests resulted after the beginning of the voyage are also insured for the
whole voyage.
As far as the risk of transportation and / or storage does not rest with the
assured according to trade terms, and further, where the assureds according
to contractual agreement or as per trade terms are not bound to cover the
marine / storage cover provided by this policy has a subsidiary character.
4.1.2
Sanctions
This insurance policy does not provide any insurance coverage or any other
benefits from the Underwriter for risks insofar as the insurance coverage or
other benefits would breach applicable economic or trade sanctions.
4.2
Nature of Goods Covered
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All kind of steel products and steel making raw materials as well as all other
goods, which belong to the production / trade line of the assured – shipped by
or to the assured for their account as principals or as agents for others.
For goods and voyages, which have not been recorded in the premium schedule, arrangements regarding rates and conditions will have to be made from
case to case prior to commencement of the risk.
4.3
Geographical Limits
4.3.1
The goods as per article 4.2 are insured worldwide during all transports as
purchases and sales, returns, third party deals and storages, internal transports i.e. not calculated transports between factories, sites and warehouses
of the same group and uncalculated transports for onward and finishing processing and return.
4.3.2
Accidents within the Production Plant and/or Storage Facilities of the Assured
Accidents of material still in the production line / storage facilities and/or finished products within the production plant for packaging are included.
As accidents apply:
Falling out of cranes and other appliances, e.g. fork-lift.
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4.3.3
Intermediate Storage at Packers' Warehouses and Job Processors, Repair
Companies and Contract Finishers etc.
The insurance provided under this policy shall also cover the goods insured
whilst on premises of packaging-, testing- and repair-companies and job processors if the transport risks are declared under this policy.
This cover is of subsidiary character. In case of existence of another insurance
policy irrespective whether taken out by the assured or by another party this
other insurance has to precede. Damages occurred during processing are not
covered.
4.3.4
Storage Insurance – Insurable Goods
All storage insurances are granted only for goods, as not otherwise agreed,
which have been insured for the main voyage. All other storages are excluded
from cover.
Damages occurred due to inherent vice or nature of the subject matter insured
as well as its reaction to time and environment are not covered.
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Inventory differences are not covered.
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5 Extent of Cover
5.1
Form of Cover
ADS Cargo 1973 or Institute Cargo Clauses (latest version), the more beneficial
conditions for the assured are in force. The restrictive conditions as per article
1.4 ADS Cargo 1973 do not apply if specific perils are particularly listed below.
Cover is provided under the following conditions:
5.1.1
Protected / Packed Material:
All risks – Cover ‘C’ ADS Cargo 1973 (resp. ICC ‘A’) - incl. rust howsoever
caused.
5.1.2
Unpacked Finished Material:
All risks, as per article 5.1.1, but excluding freshwater and condensation, except the damages resulting from an occurrence covered under article 5.1.3.
5.1.3
Semi-Finished and Raw Material Unpacked:
FPA – Cover ‘A’ ADS Cargo 1973 (resp. ICC ‘C’) - incl. loss of or non-delivery
of whole packages – provided same are enumerated in freight documents –,
incl. the piracy risk according to cover ‘C’ ADS Cargo 1973.
5.1.4
Goods in Containers or Barges carried by Ocean-Going Vessels
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Goods carried in closed containers or in barges carried by ocean-going vessels
(cover D ADS Cargo 1973) cover as per articles 5.1.1 – 5.1.3 depending on
the kind of material.
5.1.5
Pig Iron and Scrap
FPA – Cover ‘A’ ADS Cargo 1973 (resp. ICC ‘C’) - but excluding loss of or nondelivery of whole packages and differences in weight, incl. the piracy risk according to cover ‘C’ ADS Cargo 1973.
5.1.6
DRI (Direct Reduced Iron), HBI (Hot Briquetted Iron)
FPA – Cover ‘A’ ADS Cargo 1973 (ICC ‘C’) incl. self-combustion (vide article
5.4), incl. the piracy risk according to cover ‘C’ ADS Cargo 1973 but excl. loss
of weight.
5.1.7
Extension for Bulk Cargoes according to articles 5.1.5 and 5.1.6
Cover provided as per articles 5.1.5 and 5.1.6 is including proven total loss,
either due to misconduct, mal-performance or fraud by the warehouse keeper
or by the forwarding agent. In case of such a total loss the insured is obliged
to make a prompt report to the police / authorities and to provide full assistance
to any criminal investigation. Loss in weight and inventory differences are not
covered.
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5.2
Rust-Warranty
Unless agreed otherwise insurance coverage as per article 5.1.1, 5.1.2 and
5.1.4 may only be granted for goods shipped under deck and with appropriate
and adequate packing or protected by sufficient rust protection.
For domestic transports coverage against rust and oxidation caused by freshwater can only be granted if the goods are shipped in closed or properly with
tarpaulins covered trucks or railway-cars.
Freshwater / condensation only covered if packing is up to underwriters' requirement, always protected against climatic influences and stored in closed
warehouses.
5.3
Bulk Cargo
Unless agreed otherwise bulk cargo such as coal, ore etc. are insured excluding
theft, pilferage, non- or wrong-delivery, robbery, embezzlement, loss of
weight, self-combustion, always Cover ‘A’ ADS Cargo 1973 / ICC ‘C’, incl. the
piracy risk according to cover ‘C’ ADS Cargo 1973.
5.4
Dangerous Goods - Requirements for Inclusion of Self-Combustion
Risks of self-combustion, fire, and explosion are included under the following
warranties:
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5.4.1
For purchases where the assured is responsible for shipping:
All international safety and loss prevention rules have to be strictly complied
with.
The assured Company is held to inform the owner of the vessel regarding the
nature of the cargo and also to obtain the written confirmation of P&I that full
cover is provided for the kind of material and the respective voyage.
Applicable rules: IMO-list of dangerous cargo and all other applicable national
and international rules
5.4.2
For purchases where the seller is responsible for shipping:
The seller is to be bound in the purchase contract to perform as per the abovementioned international rules and also to produce a P&I confirmation.
5.4.3
Loading and Discharge Surveys:
Loading, discharge and subsequent storage, to be surveyed by an expert appointed by underwriters.
5.4.4
Form of cover
ADS Cargo 1973 cover ‘A’,
Institute Cargo Clause ‘C’ latest version.
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5.4.5
Deductible
To be agreed from case to case.
5.4.6
Premium
To be agreed from case to case.
5.4.7
Declaration
To be declared seven (7) days prior to loading.
5.5
Deck Cargo
5.5.1
Spare-/ Shelter-Deck or Deck Houses
Goods which are carried in spare- or shelter-decks or in deck houses are not
considered to have been shipped on deck in the sense of this insurance.
5.5.2
Deck-Cargo without Consent of the Assured
If goods are loaded on deck without consent of the assured cover agreed remains in force. A separate premium to be agreed from case to case.
5.5.3
Deck-Cargo Agreed
If goods are shipped on deck with the approval of the assured, cover is restricted to the risk of stranding (cover ‘A’ ADS Cargo 1973) - including loss of
or non-delivery of whole packages – provided same are enumerated in freight
documents – The piracy-risk is accordingly covered as under full cover
(cover C).
There will be a 100 % additional premium on FPA-rates.
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5.5.4
Deck-Cargo Disclosure
It is a condition that any shipment on deck must be declared to underwriters
immediately.
5.5.5
Container on Deck
Cover as per conditions of this policy also if carried under a B/L with options
for carriage on deck. An additional premium is not applicable.
The above is not applicable in respect of open-top containers or if the vessel
exempts herself from all liability.
5.6
Pre-Carriage Goods or Returned Goods
As per article 4 of the Special Conditions for Open Policies pre-carriage goods
or returned goods are covered under the same conditions as other goods. This
does not affect the Insured´s obligation to prove that the damage occurred
during the insured transport.
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5.7
Political Risks
5.7.1
Strike, Riots etc.
Strikes, riots and civil commotions etc. are included as per Breffka & Hehnke
Strikes Riots and Civil Commotions Clause 2015.
5.7.2
Existence of Instruments of War (during land and river transportation)
This insurance covers the risks which result from the existence of mines, torpedoes, bombs and / or other instruments of war. Excluded are damages
caused by new operations of war and damages caused by firing or dropping of
such instruments of war in peacetime (in respect of ocean and air transports,
vide article 5.7.3).
5.7.3
War, Mines and Torpedoes
These risks are covered in respect of all ocean and air voyages according to
the Breffka & Hehnke War Clause 2015.
5.7.4
Cancellation due to War
Article 9.3.1 of the Special Conditions for Open Policies applies to the marine
risk only. With regard to the war risk, the rules of the respectively valid Breffka
& Hehnke War Clause 2015 are applicable.
5.8
Confiscation
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The perils of confiscation, deprivation and other acts of authorities are covered,
unless the assured is in breach of the legal basis which was in force and public
at the commencement of the risk.
5.9
Insolvency or Financial Default of the Ship-Owner etc.
This insurance covers the perils of insolvency or financial default of the shipowner, charterer or operator, or in respect of any other financial disputes involving the above parties unless the assured himself selected the above parties
and thereby was aware of their imminent insolvency.
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6 Risks and Claims not Insured by this Policy
6.1
Default of the Assured
Contrary to § 33 ADS 1919 the insurance is only excluding all claims which are
caused by gross negligence or intend by the assured.
6.2
Inappropriate and Inadequate Packing
Contrary to article 1.4.1.5 ADS Cargo 1973 damages arising from inappropriate
and inadequate packing are only excluded as the assured acted wilfully or with
gross negligence.
6.3
Exclusion "Dirty Bombs"
Exclusion of perils arising from the use of chemical, biological or biochemical
substances or electromagnetic waves as weapons which are dangerous to public safety ("dirty bombs") and change of nuclear-energy-exclusion.
As a supplement and amendment of any agreement to the contrary in this
policy, the following is agreed:
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Cover is not provided for the following perils:

Arising from the use of chemical, biological or biochemical substances or
electromagnetic waves as weapons which are dangerous to public safety,
irrespective of any other contributory cause;

Nuclear energy or any other ionising radiation
Where the policy is based on other approved international conditions such as
the Institute Cargo Clauses, the Institute Radioactive Contamination, Chemical,
Biological, Biochemical and Electromagnetic Weapons Exclusion Clause (CL
370, 10/11/2003) and / or respective American Clauses, same are considered
to be valid.
6.4
Non–insured Risks and Exclusions as per ADS Cargo 1973
If not otherwise agreed in this policy, exclusions according to articles 1.1.2 and
1.4 of ADS Cargo 1973 remain in force.
Damages attributable to the events listed under paragraphs 1.4.1.1, 1.4.1.2
and 1.4.1.4 of ADS Cargo 1973 are, however, insured, provided they were
partly caused by an insured peril.
If damage occurs which on the facts of the case could have arisen from an
uninsured cause, or peril, the Underwriter must indemnify the claim if it is more
likely than not that it has been caused by an insured peril.
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7 Contingency Insurances
7.1
Contingency (Export)
7.1.1
Interest Insured
All sales for which the assured according to contractual agreement or as per
trade terms are not bound to cover the marine / storage, cover provided by
this policy and which have not been paid prior to loading.
7.1.2
The interest of the insured companies is covered whether holding title and
ownership or not, e.g. the buyer tries to avoid the commercial contract because:




7.1.3
There is an LOI reducing and / or exempting the liability of the vessel.
The bank does not accept L/C documents unconditionally.
The seller fails to open an L/C prior to the sailing of the vessel.
Title or ownership passes back to the insured company.
Extent of Cover
Covered up to the insured sum:


7.1.4
Total loss together with the vessel or complete loss of cargo insured if
caused by a peril covered under cover ‘A’ ADS Cargo 1973 or Institute
Cargo Clauses ‘C’.
General Average - York-Antwerp-Rules and / or applicable law.
All Risks Extension
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Loss and damage are covered as per article 5.1.2 according for the various
kinds of goods. Cover is however limited up to EUR 1.000.000,00 per claim.
This limit applies not for damages insured as per article 5.1.
7.1.5
FOB Risk
The FOB risk is covered as per warehouse to warehouse clause as per cover ‘A’
ADS Cargo 1973 respectively ICC ‘C’ including pre-shipment storage (vide article 8.4). This cover has a subsidiary character where this risk as per commercial contract has to be borne by the seller - vide INCOTERMS latest edition.
7.1.6
Non-Disclosure
The existence of this insurance must not to be disclosed to any third party.
7.1.7
Declaration
According to article no. 17.1.1.
7.1.8
Claims
Documents to be submitted:
- Sales contract
- Sales invoice
- Copy of LC if existing
- Bill of Lading
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- Evidence that buyer does not pay due to an occurrence covered by this
insurance
7.1.9
Subrogation
All rights of the insured companies relating to the commercial contract are subrogated to Underwriters including the right to proceed against the buyer or
other parties also in the name of the insured.
7.2
Contingency Cover (Import) – Difference in Condition Cover (DIC)
Purchases based on CIF or CIP as per INCOTERMS are generally covered at the
same conditions of this contract of insurance.
The insurance certificate issued by the seller will be transferred with all rights
to the underwriter of this policy. Insurance cover is granted even if contrary to
the contract the buyer has not taken out marine cover. In addition the printed
condition of the ‘Breffka & Hehnke Contingency and DIC Insurance Clause
2015’ is valid.
For cover an individual and separate declaration is to be made in each and
every case where such a cover is applied for.
The Error and Omission Clause is not applicable.
7.3
Domestic Transports and Storage
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Domestic transports and storage will be treated as per article 7.1 and 7.2.
7.4
Requirements and Obligations
The liability of the Underwriters of this contract is subsidiary.
The assured is obliged to exercise all his rights agreed in the contract for delivery or fulfilment. If, due to a loss in transit, the assured does not succeeds
to receive the entire invoice amount, all available documentation and papers
have to be submitted. If not possible the assured has satisfactorily to show
that buyers or sellers have not paid any compensation. After that the claim is
payable as per condition of this contract.
All rights of the assured companies relating to the commercial contract are
subrogated to underwriters including the right to proceed against the buyer or
other parties also in the name of the assured.
The insurance certificate issued by the seller will be transferred with all rights
to the underwriter of this policy. Insurance cover is granted even if contrary to
the contract the buyer has not taken out marine cover.
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8 Insured Period
8.1
Commencement of Risk
Insurance cover commences from the time the goods leave the warehouse or
place of storage for the commencement of the insured transit.
8.2
Transfer of Risk
If the goods destined to be transported are taken over by the assured prior to
the commencement of the actual transportation, this insurance attaches further to article 5.1 of ADS Cargo 1973 with the take-over, longest for a period
of 2 months.
8.3
Lash Shipments
In case of lash shipments the voyage on inland waterways (eventually ocean
incl.) is insured as well.
Extension generally agreed.
8.4
Warehouse to Warehouse Extension
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Cover attaches to goods when they leave the mill / warehouse to commence
the voyage insured.
8.4.1
Pre-Shipment and Storage – Subsidiary –
If cargo is not purchased on EXW / ex supplier basis this cover is of subsidiary
character and for the benefit of the assured only, who should under no circumstances disclose the existence of such cover to the supplier.
8.4.2
Pre-Shipment and Storage – Duration –
The duration is limited to max 60 days in respect of unpacked goods and 30
days in respect of goods seaworthy / stress related packed.
Freshwater / condensation only covered if packing is up to underwriters' requirement, always protected against climatic influences and stored in closed
warehouses.
8.4.3
Pre-Shipment and Storage – Transfer of Rights –
In case damages are to be attributed to pre-shipment occurrences
Breffka & Hehnke is subrogated all rights against the supplier and authorised
to take all actions against them deemed to be necessary to recover, also in the
name of the insured.
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8.4.4
Pre-Shipment and Storage – Rights of the Assured –
The assured is entitled to claim from underwriters of the policy also for this
type of damages irrespective of recovery chances.
8.4.5
Pre-Shipment and Storage – Obligations by the Assured –
It is an obligation for the assured to assist underwriters in all and every respect
and also to follow their instructions.
8.4.6
Pre-Shipment Damage – Payment to the Seller –
If the purchase price has not yet been paid or becomes payable at a later stage,
steps should be taken to withhold payment up to the amounts needed to cover
such damages.
8.4.7
Goods prepaid prior to FOB or against FCR or Railway Bills / § 33.2 ADS 1919
Extent of Coverage:





Fire, explosion.
Perils of the elements.
Loss of or non-delivery of whole packages as enumerated in freight documents or FCR.
Losses due to mal-performances or even fraud by forwarding agents.
Incl. S.R.C.C.
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This clause does not apply where the assured or third parties employed by
them are acting as shippers. This also applies if a third party had the goods in
custody prior to loading and hands this cargo to a carrier for onward transportation.
Where such third parties are liable based on the contracts they have with an
insured company cover provided under this policy is of subsidiary character.
Underwriters settle such claims as per condition of this policy, the insured company, however, is obliged to enforce settlement by such a third party with all
legal means, they also have always to follow underwriter's instructions.
This extension of § 33 ADS 1919 does not apply for consignees.
This clause has to be treated strictly confidential and must under no circumstances be disclosed to any third party including that which issues an FCR receipt.
The Error and Omission Clause is not applicable.
No additional premium is applicable for a period of 60 days if the following sea
voyage will be declared for full cover.
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8.5
End of the Insurance
Cover ceases as per article 5.2 of ADS Cargo 1973 if nothing contrary has been
determined under 8.6 and / or 8.7.
Article 5.2 of ADS Cargo 1973 is replaced or supplemented by the following
wording:
Depending on which occurs first, the cover terminates,

When the goods are delivered to the place at destination named in the
commercial contract.

When the goods following discharge at the port of destination are forwarded to a destination not agreed in the commercial contract and as a
result of the change of destination the risk is increased.

When intermediate storage arranged by the assured exceeds 180 days.
Has the storage, however, not been arranged by the assured, cover will
remain in force beyond this period if the assured had no knowledge of
the exceeded storage period or could not, according to commercial principals, influence the duration of storage.
The assured has to notify the Underwriter immediately upon becoming
aware of the exceeded storage period. The Underwriter is due to charge
a reasonable additional premium that has to be agreed.
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
On expiry of 180 days after discharge from delivering conveyance - termination of main voyage.
Provided the Insured’s own interest is involved, the policy will not terminate at the end of the period agreed – following discharge of the goods
from the ocean-going vessel or aeroplane at the port or airport of destination – an insured peril delayed the insured voyage and the Insured
reported the delay immediately. The Insurer is due a reasonable additional premium that is to be agreed.

Upon transfer of title when the goods are sold on account of a loss arising
from a risk insured against.

If the goods are exported as per Incoterms FOB, FAS or CFR when
stowed on board of an ocean-going vessel and hatches are closed. Only
valid for the interest of the assured (vide article 8.9).

With rejection of delivery the insurance continues up to maximal 60 days
up the entire decrease by the receiver or another buyer.
Storages for longer periods than described in the ADS are to be declared prior
to the commencement of the risk. This also applies in respect of an extension
of the total length of time of 180 days after discharge ex ocean vessel at port
of destination in connection with onward transportation (article 5.2.4 ADS
Cargo 1973). An additional premium becomes payable. Cover ends irrespective
of these conditions in any case latest 12 months after discharge at port of
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destination.
8.6
Differentiation between Marine and Erection Insurance - not applicable -
8.7
Machinery - not applicable -
8.8
Pre-Shipment and Onward Transportation
Pre-shipment voyages and onward transportation irrespective of their routing
and conveyances used are always included as far as places of shipment and
final destination have been declared to be insured. The cover always ceases at
the place indicated in the declaration of insurance. This is also applicable if
case-law should have a different judgement of Incoterms.
8.9
FOB, FAS and CFR Deliveries along with a Letter of Credit
Only valid for the interest of the assured in respect of export shipments.
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Where goods have been sold against L/C confirmed and irrevocable the cover
according to the conditions of this contract is extended until that time when
the Letter of Credit has been honoured against presentation of shipping documents within the normal time needed by the bank.
Where the Letter of Credit has only been honoured against a reserve it is necessary to inform underwriters immediately. Cover will then be transformed into
full cover as per this policy. In this case an additional premium becomes payable.
This also applies where a clean B/L has only been issued against submission of
a letter of indemnity / revers to owners / charterers.
8.10
Interruption by War
In case the goods are discharged as a consequence of war risks (§ 35 III ADS
1919) this insurance remains in force unchanged. This discharge is to be declared to underwriters immediately (article 2.2 ADS Cargo 1973).
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9 Means of Transport
9.1
Classification and Age Clause
For transportation with ocean vessels the B&H Classification and Age Clause
2017 applies.
9.2
Amendment of Article 3.2.1 and 3.2.2 ADS Cargo 1973
Cover is granted for transports with all other usual means of transport which
are suitable to carry the insured goods.
If unsuitable means of transport are employed, the goods will still be covered
if the assured was unable to exercise any influence on the choice of such
means, or he exercised the diligence of a prudent businessman when choosing
the carrier or forwarding agent. Should the assured become aware of the unsuitable means of transport he shall notify immediately and pay a reasonable
additional premium.
9.3
Alteration or Abandonment of Conveyance (Amendment of article 4 ADS
Cargo 1973)
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The underwriters’ obligation to indemnify remains unaffected if, after inception
of the policy, the goods transhipped or the transport is altered or abandoned
irrespective of the cause.
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10 Storage Risks
In addition to articles 8.4.1, 8.4.7 and 8.5 (article 5.2.3) it has been further agreed:
10.1
Extent of Coverage
Cover according to article 5.1 of this policy.
If cargo is stored for distribution purposes (sales from stock) inventory differences are not covered.
The stipulations of article 0 remain in force.
10.2
Intermediate Storage at Packers' Warehouses etc. – not applicable -
10.3
Storage based on ‘Consignment-Stock-‘ and ‘Collateral-Management-Agreements’ – not applicable -
10.4
Warehouse under Control of the Assured
If warehouses are under direct control of the assured damages / losses occurring from wrong or short deliveries are not covered.
10.5
Permanent Warehouses
On a yearly basis the assured are requested to provide a list of all permanent
warehouses. Permanent warehouses are distribution storages on regular use.
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The lists have to contain the following info:
-
Full storage addresses.
Type of goods usually stored.
Average stock tonnage per year.
Average stock value per year.
10.6
Requirements
10.6.1
Suitability
The assured is required to make sure that any warehouse/storage yard is suitable for the storage of the relevant goods.
In case of doubt, notice is to be given to Breffka & Hehnke who will then decide
whether a warehouse inspection is required.
10.6.2
Storage Periods and Declarations
Storage periods and declaration procedures defined in this policy remain in
force.
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11 Insured Disbursements and Costs
11.1
Loss Minimising
The underwriter also indemnifies expenses reasonably incurred in averting or
minimising an insured loss when the loss/damage has occurred (loss event) or
is directly threatening. This also applies to expenses incurred by the assured
on the instruction of the underwriter. The underwriter has to bear the expenses
and costs even if the measures undertaken were unsuccessful.
The expenses and costs are reimbursed even if, together with other payments,
they exceed the sum insured.
The objection of underinsurance is excluded.
11.2
Label Clause
In case of damage affecting labels, capsules or wrappers, underwriters, if liable
under the terms of this policy, shall not be liable for more than an amount
sufficient to pay the cost of new labels, capsules or wrappers, and the cost of
reconditioning the goods. The costs arising from the fact that the material must
be sorted and measured are also insured.
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11.3
Brands Clause
In case of damage to goods bearing a Brand or Trade Mark, or the sale of which
carries or implies a guarantee of the supplier or the assured or the buyer under
whose Brand or Trade Mark the goods have been shipped, the salvage value of
such damaged goods shall be determined after the removal of all Brands or
Trade Marks. Contents in any containers on which the Brand or Trade Mark
cannot be removed shall be transferred to plain bulk containers.
The cost of removing Brands or Trade Marks shall be borne by these assurers,
but in no event shall these assurers be liable for more than the insured value
of the damaged goods.
11.4
Recovery of Packaging at the Insured Final Destination
The costs of recovery of packaging are also insured at the insured final destination if the damage is caused by an insured peril and if
-
the value of the packaging was sufficiently considered of the insured sum;
the restauration or repair is required because the damaged packaging
could not care the insured goods during the provided and insured onward
transportation.
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11.5
Both-to-Blame Collision and New Jason Clause
It is also agreed that this policy covers the assured for his portion of liability
according to the Both-to-Blame Collision Clause to the same extent as for any
other claim covered as per policy conditions. In case there is a claim made by
the carrier according to the a/m clause, the assured is obliged to inform underwriters who in turn are entitled to defend their assured at their expense
against such a claim. The same applies in respect of the New Jason Clause.
These expenses and costs are reimbursed even if, together with other payments, they exceed the sum insured.
11.6
Costs of Investigation and Detection of Damage
The underwriter also indemnifies costs properly and reasonably incurred in assessing or determining the loss/damage, as well as costs incurred by a third
party appointed to perform this task on instruction of the underwriter.
These costs will also be replaced if it is subsequently found that the damage is
not covered under the terms of this policy.
The underwriter has to bear the expenses and costs even if the measures undertaken were unsuccessful.
The expenses and costs are reimbursed even if, together with other payments,
they exceed the sum insured. The objection of underinsurance is excluded.
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11.7
Transit Clause
In case the voyage insured is for reasons beyond the control of the assured
frustrated, interrupted and / or terminated, all additional expenses involved
thereby by the assured, which are necessary to forward the goods to destination originally intended or to a substitute place of delivery are recoverable.
This also applies if no insured peril is a possible cause of the damage.
11.8
Container Damage Clause
Damages to containers are covered provided that the insured is compelled by
any third party to pay for such damages to achieve final delivery of cargo insured. The sum insured is limited to EUR 50.000,00 per vessel but maximum
EUR 100.000,00 per year on first loss basis.
The existence of this clause shall not have conveyed to third parties. Only assured interest is covered.
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11.9
Import Duty etc.
Such costs may be declared and insured separately. Therefore 50 % of the
marine premium without war will be charged. The insured is obliged to apply
for refund of duties in cases of damage.
11.10
General Average
Underwriters also have to pay any contribution which the assured is obliged to
pay in connection with General Average, the statement of which has been made
up according to applicable law or according to the York Antwerp Rules, the
Rheinregeln IVR or other approved international general average rules. If the
contributory value exceeds the insured value, the underwriters indemnifies to
the limit of the sum insured. Contrary to article 1.5.1.1 (ADS Cargo 1973) the
rules in respect of underinsurance are so far deleted.
These costs are reimbursed even if, together with other payments, they exceed
the sum insured.
The assured may request the underwriter to assume contributions to general
average via guarantee, advance him such contributions, as well as advance the
amount required to avert, minimise or ascertain the size of loss.
11.11
Transit Fees
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Where goods insured under this policy travel in transit, this insurance also covers import duty and other levies which may occur in connection with a claim
even if the insured value would be exceeded thereby.
Irrespective of the extension the claim calculation is always based on the insured value. All costs and expenses which are not incurred due to such a claim
will have to be deducted.
For countries outside the EU any compensation for above mentioned costs is
limited up to 20 % of the agreed insured sum.
11.12
Additional Costs
The Insurer also indemnifies additional costs
- for forwarding in case of false delivery;
- extraordinary costs through overtime hours, Sunday and holiday work. Furthermore express-freight costs, airfreight-costs and flight-costs limited to
EUR 25.000,00. Any further additional costs will be replaced, as far as these
are necessary and agreed with the insurer in advance.
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11.13
Costs of Transhipment
The underwriter also reimburse the costs properly and reasonably incurred in
transhipment, temporarily storing and forwarding the goods after an insured
event or an insured accident/disaster operation involving the means of
transport has occurred, or as they were incurred on the instruction of the underwriter.
11.14
Costs for Clearing of Debris
11.14.1 In addition to article 1.5 ADS Cargo Insurance 1973 the underwriter is liable
for expenses incurred in the salvage and/or removal/destruction of the goods
insured that are lost or damaged in consequence of the occurrence of an insured peril as per article 5.1.1 – 5.1.2.4.
11.14.2 The indemnification is limited to 5 % of the policy limit per loss/damage and
will be paid in addition to the sum insured.
The above applies provided that
- that the insured could regard the expenses incurred as necessary under the
particular circumstances or
- the expenses and costs were incurred in compliance with an official request
of a competent authority or
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- the expenses and costs were incurred at the underwriter´s request.
11.14.3 The underwriter is also liable if, following damage to or destruction of insured
goods, a competent authority arranges for the salvage and/or removal/destruction of said goods, and/or the clearing up of the site of the loss at the insured´s expense.
11.14.4 Insurance cover is likewise granted if, following an insured loss, undamaged
goods also are salvaged and/or removed by official order, or if an authority
by virtue of legal provisions arranges for the salvage and/or removal of undamaged goods.
11.14.5 The underwriter is not liable for additional expenses incurred in the prevention or elimination of damage to the environment, in particular to air, water
or soil.
11.14.6 The underwriter is liable only to the extent that compensation is not available
under another insurance policy.
11.14.7 The underwriter is not subrogated to the rights of the insured in respect of
the goods damaged or lost following any indemnification for expenses and
costs insured under 11.14.1 – 11.14.4 above. Furthermore, the underwriter
accepts no liability arising out of the existence of goods damaged or lost. Article 7.11 ADS Cargo 1973 applies.
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11.15
Cost of Relocation and Protection of Property Clause
The “Breffka & Hehnke – Cost of Relocation and Protection of Property Clause
2015” applies.
11.16
Traffic Safeguarding Measures
The Underwriter also indemnifies necessary expenditures for the removal of a
peril caused by an event, provided that the assured is obliged to do so by legal
requirements.
The obligation to indemnify also applies to add-on costs by official directive. As
far as these expenditures and add-on costs are covered by another insurance
coverage under this clause is of subsidiary character only.
The indemnification of the Underwriter is limited to EUR 50.000,00 on a firstloss basis per claim.
11.17
Consequential Losses
The “Breffka & Hehnke – Consequential Losses Clause and Pure Financial
Losses Clause 2015” applies.
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The indemnification is per loss event and means of transport and / or warehouse limited to the fourfold of the sum insured, maximum however
EUR 1.000.000.
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12 Exhibitions and Fairs - not applicable -
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Status 01.01.2020
Macsteel International Trading B.V.
Page 30 of 50
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13 Maxima
13.1
Liability of Underwriters
Maxima defined in this policy are always the maximum limits of indemnity.
13.2
Agreed Maxima
13.2.1
Maximum per anyone conveyance
USD 30.000.000,00
13.2.2
Maximum per fire separated storage
USD 30.000.000,00
13.3
Exceeding Maxima
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In case the maxima are exceeded in other instances then as per article 5.1.2
of Special Conditions for Open Policies the same are only covered after mutual
agreement prior to commencement of the risk.
Open Cover No. A*02-70-20542
Status 01.01.2020
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Page 31 of 50
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14 Obligation and Responsibilities of the Assured
14.1
Declaration in Freight Documents
In case the carrier inserts a reserve in the B/L because the nature / condition
of the goods deviates from the declaration made to the carrier or if the insured
is asked to sign a letter of indemnity must be disclosed to underwriters immediately.
14.2
Recoveries
The assured is bound to secure all rights against third parties in connection
with loss / damage and to safeguard same by necessary action, e.g. holding
the carrier responsible etc.
14.3
Loading Supervision
Underwriters are entitled to ask for packing / pre-shipment / loading supervision on shipments for which the assured is bearing the risk (also vide 21.6).
Costs for Loading Supervision are 100 % for the account of the policy.
14.4
Discharge Supervision / Hatch Opening Survey
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At the option of underwriters. Costs are 100 % for the account of the policy.
14.5
Goods and Voyages not Named
For goods and voyages, which are not named in this policy underwriters have
to be informed from case to case prior to commencement of the risk.
14.6
Blank Insurance Certificates
Where blank-endorsed insurance certificates – in hardcopy or digital form - are
handed to the assured, same binds themselves to act as under:
To use these insurance certificates only in conformity with this contract and,
also, to consider the maxima values as agreed in this policy.
To indemnify underwriters for any losses incurred by wrongful use of those
blank certificates as far as the error falls under the responsibility of the assured.
To return those blank forms or to deactivate any online function if requested
to do so by underwriters.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 32 of 50
Print Date: 15.01.2020
15 Insured and Claim Value
15.1
Insured Value
The insurable value is the fair market value of the goods or, failing that, their
market value at the place of departure at commencement of cover plus the
cost of insurance, the costs incurred until the goods are delivered to the carrier,
and the freight ultimately paid plus 20 % imaginary profit as well as duties and
other charges etc., if declared prior to commencement of the risk.
15.2
Imaginary Profit as per article 15.1
The Assured is entitled to request the coinsurance of an imaginary profit up to
20 % of the invoice value for the benefit of receivers. Higher values have to be
agreed prior to attachment of the risk.
15.3
Insured Value in Case a Claim is known
In case the assured is aware of a claim when the insurance is applied for the
insured value must be calculated according to 15.1. The imaginary profit shall
not exceed 10 % of the invoice value.
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15.4
Insured Value – without Invoice –
In case that no invoice has been issued, the invoice value is replaced by the
normal trading value or common value applicable at place of origin at the time
of shipment, which, if necessary, has to be assessed by experts.
15.5
Insured Value – Change –
The assured can change the insured value how long an insurance case is not
known by her.
15.6
Over- respectively Added Value Insurance
Over-insurance (added value) can be applied for prior to commencement of
the risk. It is also possible to agree that the valuation is based on Commodity
Exchange values valid at the time of discharge at final destination. This
amount, however, should not be lower than the amount originally declared for
the voyage specified
In case where an added value is declared, the additional premium amounts to
25 % of the rates as per premium schedule.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 33 of 50
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15.7
Indemnification
If nothing contrary is agreed in the following, article 7 of ADS Cargo Insurance
1973 is applicable.
As Indemnification are valid by:
15.7.1 Purchases
The purchase price plus duty, freight and all costs incurred until the goods are
delivered to the insured plus 10 % imaginary profit for the benefit of the receiver.
15.7.2 Sales
The sales price plus as per sales invoice plus duties, freight and all costs incurred until the goods are delivered to the receiver plus 10 % imaginary profit
for the benefit of the receiver.
15.7.3 Commissions- and Consignment Transports
The recovery or replacement costs at the day of the insured event but not more
than the sales price at the day of the insured event.
15.7.4 Intermediate Transports and Storages
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The replacement costs, for goods for sale the sales price plus eventually costs.
15.8
Self-Repair - not applicable -
15.9
Repair by Others
Claims will be settled as per approved bills plus 10 % general and administrative costs of the assured, excluding profit.
15.10
Damage or Loss of Parts of a Material Entity
In case of damage or loss of goods which are part of an insured single entity,
underwriters will indemnify like the case of total loss, if repair or replacement
is impossible or not reasonable. Salvage value will be deducted.
15.11
Sales of Goods before Termination of the Insured Transport
The last sentence of article 7.8.2 of the special conditions for cargo (ADS cargo
1973) is changed as follows: The same applies if the goods in transit have to
be sold as a result of a loss claimed against the Underwriter.
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15.12
Damaged Goods
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Damaged goods must not be sold, auctioned or be removed without approval
of the assured. In particular the Underwriter cannot require the sale or the
auction of the goods if along with this transaction an additional product liability
risk is connected for the assured. In this case the assured can require the insured sum.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 35 of 50
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16 Premium
16.1
Basis of Premium Calculation
Premiums will be computed according to the schedule attached to this policy.
16.2
Not laid down Premiums and Conditions
Premiums not laid down will be agreed, if the need arises, from case to case.
If the parties bound by this contract cannot reach an agreement in respect of
those premiums, the assured can apply prior to commencement of the risk to
Breffka & Hehnke to arrange cover with other insurance companies.
16.3
War, Mines, Torpedoes
Generally included for all shipments. Any war premiums are included in the
agreed premium rates.
For shipments to and fro destinations which appear as "severe risk" in the JCCCargo-Watch-List, however, notice must be given to insurers (please vide
5.7.3). An additional premium will become applicable.
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16.4
Overage Premium
When transported by vessels, which are older than 20 years, the underwriter
is entitled to charge an additional premium. According to the ‘Breffka & Hehnke
Classification and Age Clause 2017’.
16.5
Dangerous Cargo
In accordance with article 5.4 the underwriter is entitled to agree an additional
premium and a deductible. The Error and Omission Clause as per article 17.3
is not applicable.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 36 of 50
Print Date: 15.01.2020
17 Declaration
17.1
Declaration of Turnover
17.1.1
Contingency Cover (Export) / Sellers’ Risk
Monthly declarations within 10 days for the preceding month.
17.1.2
FCR Coverage
When payment is made against a FCR or Railway-Bill notice must be given to
insurers.
Monthly declaration to be made along with the definite B/L date within 10 days
for the preceding month.
17.2
Declaration from Case to Case
17.2.1
Individual declaration to be made for:
-
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17.3
Full Marine Cover.
Import Contingency.
Error and Omission Clause
The error- and omission-clause according to article 3.2 of the Special Conditions for Open Policies is not valid where it has been expressly stated that the
declaration is to be made prior to the commencement of the risk and / or where
special agreements are to be made prior to the commencement of the risk.
17.4
Declaration Prior to Commencement of the Risk
Transports of dangerous goods and other risks for which no premium has been
agreed, have to be declared prior to commencement of the risk.
Premiums will be agreed from case to case.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 37 of 50
Print Date: 15.01.2020
18 Claims
18.1
Claim-Instructions
The attached instructions for loss or damage are to be obeyed.
18.2
Assessment
For assessment of damages surveyors named in the insurance certificate or in
the list handed over to the assured are to be employed. As an exception, it is
not affecting cover if other surveyors are employed.
In case where claims are considered not to exceed EUR 5.000,00 – or its equivalent in other currency – it is not compulsory to employ a surveyor.
18.3
§ 72 ADS Disappearance
The goods are presumed lost 60 days after the expected date of arrival (30
days for journeys within Europe) and no news has been received by the time
the claim is made. If communication links are interrupted owing to war, hostile
events, civil war or civil commotion, the time period is extended in accordance
with the circumstances up to a maximum of 6 month.
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18.4
Total loss
In the case of a total or partial loss of goods, or if the Assured is deprived of
the goods without hope of recovery or if it is ascertained by experts that the
goods have been reduced to such a state as to cease to be a thing of the kind
insured, the measure of indemnity shall be that portion of the sum insured
accruing to the goods, less the value of salvage.
The goods are deemed to be lost if they have not been delivered within 60 days
– 30 days for journeys within Europe – after expiry of the delivery time or the
normal duration of transport and at this time the power of disposal of the goods
cannot be regained by a third party.
As far as the assured cannot exert any influence on the recovery on the power
of disposal, the goods are deemed to be lost as far the power of disposal has
not been recovered by him at that time.
18.5
Special Conditions for Sendings with Parcel Services - not applicable -
Open Cover No. A*02-70-20542
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18.6
Casualty During Handling of Goods
There is a case of stranding as per article 5.1.1 or treated as stranding if goods
get damaged or loss caused by an accident during loading, discharging or transhipment.
18.7
Hidden Damages (Material Seaworthy Packed in Packages or Coils)
In case the outer packing does not give reason to suspect damages by wetting,
underwriters grant a grace period of max. 180 days after arrival at the insured
place of destination for reporting of such a claim.
Final assessment of such claims may be deferred until a later date as agreed
with the surveyor to be appointed by underwriters.
This clause does apply only for the interest of the assured or co-insured company.
This does not affect the insured´s / assured´s obligation to prove that the
damage occurred during the insured transport.
18.8
Loss Payees
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Please vide separate annex to the policy.
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19 Forwarding Agent Clause
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It is harmless for the assured to accept waivers of liability or limitation of liability if
they are contained in the common conditions of forwarding agents, carriers, stockholders, railroad administration and / or ocean carriers.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 40 of 50
Print Date: 15.01.2020
20 Responsibility Clause
Only the following count as legal representatives:
- for Joint stock corporations,
- Registered cooperatives and associations
- The members of the executive board or their general agents
- for Limited liability companies
- The managing directors
- for Limited commercial partnerships
- The general partners
- for Civil-Law Associations
- The partners and senior management
- for One-man businesses
- The proprietor
- for Companies under foreign law
- The relevant group of persons
- for Private individuals
- Only the owner
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The exclusion for damage and loss caused by gross negligence and/or by intend
only applies for legal representatives of the Insured, further insured and co-insured
companies. This also applies for the omission of duties and obligations agreed in
this contract.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 41 of 50
Print Date: 15.01.2020
21 Loss Prevention
21.1
Plastic Sheeting and Ram-Neck ® Tape
21.1.1
Plastic Sheeting
All steel products whether packed or unprotected are to be fully covered by
plastic foil – unprotected goods foil to be sufficiently overlapping at the side of
stow, packed goods only to be covered on top of stow. Foil to be taped at
adjoining seams after completion of stow.
Respective instructions are to be incorporated in purchase and shipping instructions.
Cover is not prejudiced if in spite of instructions as above are not complied with
by third parties involved with shipping.
Not applicable in case alien cargo is stowed underneath.
21.1.2
Ram-Neck ® Taping of Hatch Covers
Where insured goods a filling an entire hold hatch covers to be taped with RamNeck ® Tape. Instructions to be incorporated in all charter parties for full cargoes / hatches. If purchased CFR to be incorporated in the purchase order.
21.2
Shipping at Low Temperatures
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Special instructions from case to case.
21.3
Packed Material
Packing recommendations of Breffka & Hehnke should form part of all purchase
contracts.
21.4
Non-Compliance
Cover is not prejudiced if in spite of instructions as above are not complied with
by third parties involved with shipping.
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Status 01.01.2020
Macsteel International Trading B.V.
Page 42 of 50
Print Date: 15.01.2020
21.5
Shipping and Purchase Contracts
Where possible both contracts should contain a clause:
a. Shipping
It is a provision of this charter party that the vessel is fully P&I covered premium paid.
b. Purchase
It is a condition of this contract that the vessel selected by the seller has
full P&I cover - premium paid - and further, that any overage premiums
are for their account.
21.6
Loading and Discharge Supervision
According to 14.3 and 14.4 insurers are entitled to arrange for loading and
discharge supervisions.
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21.6.1
21.6.2
21.6.3
Loading supervision to be arranged for:

Packed cargo (e.g. CR / Galv. / P&O
than 500 MT or at the opinion of insurers.
/
Stainless
etc.)
more

Unpacked cargo (e.g. HR Coils / HR Plates / Wire Rod / Rebar / Pipe etc.)
more than 1000 MT or at the opinion of insurers.

Finished material from new sources where standards are unknown on first
– at the opinion of insurers.

From case to case on mutual agreement on all kinds of cargo.

On finished cargo where significant but avoidable claims have recently occurred.
No loading supervision requested for

Raw and Semi-Finished products, e.g. Billets, Blooms, Ores.

Pig Iron and Scrap.
Discharge supervision
To be arranged for all shipments of finished products where also a loading
supervision is requested and always for Dangerous Goods.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 43 of 50
Print Date: 15.01.2020
22 Alteration of Contract
22.1
Documentation
Alterations will be documented by replacement pages unless for special reasons
it is necessary to issue an official addendum. Such changes become
valid with the date inserted on such replacement pages.
22.2
Alteration of Underwriters
To the end of the respective period of insurance the leading and / or participating companies may be exchanged and / or the distribution of the proportionate shares can be changed without the necessity to give notice of cancellation.
22.3
Protection of vested rights
This policy replaces the previous contract with all endorsements and exchange
pages as per 01.01.2016.
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Provided the new policy contains deteriorations, the wording of the preceding
policy is still applicable. This agreement is not valid for any amendments regarding maxima.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 44 of 50
Print Date: 15.01.2020
23 Information Protection Clause
The assured agree that underwriters are transferring information which originate
out of this policy and / or the normal handling of this policy (premiums, claims,
changes in the risk / policy situation) to re-insurers for judgement of the risk and
to handle the re-insurance as well as to their organization in respect of risk calculation and claim settling.
The assured further agree that the insurance companies have a collection of information in respect of general contract conditions, methods of accounting and claims
record.
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If applied for, the assured are entitled to ask for additional information regarding
such dates.
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Status 01.01.2020
Macsteel International Trading B.V.
Page 45 of 50
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24 Further Agreements
24.1
Profit Commission
24.1.1
Profit Commission – Calculation Scheme
Less loss balance ex preceding years
Premium income calendar year without War
70 % thereof
Less claims paid
Out of which 40 % as Profit Commission
24.1.2
EUR
EUR
EUR
EUR
EUR
EUR
Profit Commission – Requirement –
A profit commission will only be granted if the premium amount (without war)
will be at least EUR 10.000,00 p.a.
The provisional statement will be submitted till the month of June for the preceding year.
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In case the contract has been cancelled by the assured there will be no profit
commission for the last year of contract.
Open Cover No. A*02-70-20542
Status 01.01.2020
Macsteel International Trading B.V.
Page 46 of 50
Print Date: 15.01.2020
25 Premium Schedule
25.1
Premium Schedule
a) Protected / Packed (Finished) Goods
- packing to be approved by underwriters I.
Cold Rolled, Bright-Oiled, Galvanized
Pre-Painted Galvanized Coated
Hot Rolled Pickled & Oiled Steel Sheet
in Coil or Cut to Sheets
II. Tin Plate in Coil or Cut to Sheet
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b) Unprotected / Unpacked (Finished) Goods
Cover according to
Art. 5.1.1
0,396%
0,468%
Cover according to
Art. 5.1.2
I.
Hot Rolled, Stainless Sheet in Coil
or Cut to Sheet
0,252%
II.
Hot Rolled Plates, also Stainless
(Customary Loose or Bundled)
0,252%
III.
Heavy Sections
(Customary Loose or Bundled)
0,252%
IV.
Re-Bars, Wire Mesh
(Customary Loose or Bundled)
0,252%
V.
Profiles, Hot Rolled Bars, Beams
(Customary Loose or Bundled)
0,252%
VI.
Welded and Seamless Tubes and Pipes,
Stainless Hollow Sections
(Customary Loose or Bundled)
0,360%
VII.
Hot Rolled and Stainless Wire Rod in Coil
0,252%
c) Semi-Finished Goods - unpacked
I.
Billets, Blooms, Slabs, Ingots
- also Stainless unpacked, loose
d) Raw Materials
I.
0,099%
Cover according to
Art. 5.1.4 + 5.1.6
Pig Iron and Scrap – In Bulk
Open Cover No. A*02-70-20542
Status 01.01.2020
Cover according to
Art. 5.1.3
Macsteel International Trading B.V.
0,072%
Page 47 of 50
Print Date: 15.01.2020
e) Sellers’ Interest
Cover according to
Art. 7.1
0,014%
f) Storage Risk (attached to shipments fully
insured – exceeding agreed storage periods)
Cover will never be wider than for the
main voyage.
Cover according to
Art. 5.1.2
Per Month
0,043%
g) Inland Transportation by barge / truck / rail
(all goods)
Cover will never be wider than for the
main voyage.
Cover according to
Art. 5.1.1
0,072%
Cover according to
Art. 5.1.2 to 5.1.6
0,054%
h) FCR Storage
Cover according to
Art. 8.1.4
Per Month
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0,036%
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Status 01.01.2020
Macsteel International Trading B.V.
Page 48 of 50
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26 Glossary
A
F
Accidents within the Production Plant 10
Additional costs 27
ADS 1919 16, 20, 22
ADS Cargo 1973 9, 12, 13, 14, 17, 19, 21, 22, 23, 27
Alteration of Contract 44
Assured 2, 8
Attachment of risk 19
Form of Cover 12
forwarding agent 12
Forwarding Agent 40
FPA 12
G
General Average 17, 27
Geographical limits 2
Geographical Limits 10
B
Both-to-Blame Collision 26
Brands Clause 25
Bulk Cargo 13
Bulk Cargoes 12
H
HBI 12
Hidden damages 39
C
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Choice of law 7
civil commotions 15
Claim Value 33, 34
Claims 16, 17, 38
Classification and Age Clause 9, 23, 36
Clearing of Debris 28
Coal 13
Competency of Court 7
Confiscation 15
Consequential Losses and Pure Financial Losses Clause 29
Container 14, 26
Contingency 9, 17, 18
Contingency Clause 9, 18
Contractual Basis 2, 9
Conveyance 2, 31
Costs of investigation and detection of damage 26
Costs of transhipment 28
D
Dangerous Cargo 36
Deck Cargo 14
Declaration 14, 17, 32, 37
Deductible 14
Default of the assured 16
differences in weight 12
Dirty Bombs 16
Disappearance 38
discharge 13, 21, 22, 43
Discharge Supervision 32, 43
Domestic Transport 18
DRI 12
Duration 2
Duty 27
I
Imaginary Profit 33
Inadequate Packing 16
Insolvency 15
Institute Cargo Clauses 9, 17
Insurance Certificates 32
insured companies 9, 17, 18
Insured Period 19
Insured Value 33
Interest Insured 10, 17
Isotopes Clause 9
L
Label Clause 25
Lash Shipments 19
loading 14, 17, 20, 43
Loading Supervision 32
Loss minimising 25
Loss Payees 39
Loss Prevention 42
low temperatures 42
M
Machinery 22
Maxima 2, 31
mines 15
N
New Jason Clause 26
Non-Compliance 42
O
E
Electromagnetic Weapons 16
End of the insurance 21
Erection Insurance 22
Error and Omission Clause 36, 37
Exclusion 16
Exhibitions and fairs 30
expenses 26, 27, 28
Extent of Cover 12
Open Cover No. A*02-70-20542
Status 01.01.2020
Obligation 18, 20, 32
P
Parcel Services 38
piracy 12, 13
Plastic Sheeting 42
Political Risks 15
Macsteel International Trading B.V.
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Print Date: 15.01.2020
pre-carriage goods or returned goods 14
Premium 14, 36, 47
Pre-shipment 19, 20, 22
T
torpedoes 15
Total loss 38
trade terms 10, 17
Traffic Safeguarding Measures 29
Transfer of risk 19
Transit Clause 26
Transit Fees 27
R
Ram-Neck 42
Raw Material 12
Recovery 25, 32
Requirements 18
Responsibility 32, 41
Riots 9, 15
Rust 13
U
Underwriters 7, 18, 20, 27, 28, 31
Unpacked finished material 12
S
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self-combustion 12, 13
Semi-finished 12
Special Conditions for Open Policies 9, 15, 31, 37
storage 2, 10, 11, 13, 17, 19, 24, 31
Storage 18
Strike 15
Strikes, Riots and Civil Commotions Clauses 9
Subrogation 18
subsidiary 10, 17, 19, 20
surveyor 38, 39
Open Cover No. A*02-70-20542
Status 01.01.2020
V
Validity 9
W
War 9, 15, 22, 36
War Clause 15
Warehouse to Warehouse 19
Macsteel International Trading B.V.
Page 50 of 50
Print Date: 15.01.2020