AMIM 122 - Inland Marine Insurance - Chapter 4

Insurance which protects the insured carrier (usually the trucking company) against cargo liability claims made by the shippers or consignees after their property has become damaged or lost during transit.

A carrier that uses automobiles to transport either property or persons. Motor carriers that specialize in transporting property are commonly referred to as trucking companies or truckers.

Is the possibility that the carrier will be held liable (that is, legally responsible to pay) for loss of or damage to property of others that is in the insured's care, custody or control for the purposes of transportation.

Liability that does not depend on actual negligence or intent to harm; aka: liability without fault.

A rate that the carrier has reduced in return for the shipper's acceptance of a limitation on the carrier's liability for loss to the property being shipped.

A company that holds itself out to the general public to assemble and consolidate shipments and/or to hire carriers to do the actual hauling.

A company that performs consolidation services for the property of others but does not arrange for transportation services.

An event that occurs without intervention of a human being or one that cannot be prevented by the exercise of human care.

A nation or government at war with the nation in which the carrier is domiciled.

Any act taken by a public official acting with governmental authority.

A condition within a particular type of property that tends make the property destroy itself.

When the shipper loads and seals an entire trailer, intermodal container or railcar before delivery to the carrier, the carrier cannot verify the quantity of the load. In such situations this phrase is stamped on the bill of lading.

The failure to exercise the standard of care that a reasonably prudent person would have exercised in a similar situation.

Instructs the carrier to deliver the cargo to the named consignee, who is presumed to have title to the cargo or at least the right to posses it.

Designed to be used when a seller/shipper does not which to extend credit to a buyer and, at the same time, the buyer is unable to make payment before the property is delivered.