BUYER’S INTEREST CLAUSE

B-Clauses77 Views
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In respect of goods purchased by the Assured on CIF or similar terms where the Seller is responsible for effecting insurance on conditions no more restrictive than ICC (A), this insurance is to indemnify the Assured in respect and to the extent of claims which they fail to recover from the insurance effected by the Seller. This insurance applies only to loss or damage which is or would be recoverable under the conditions of this policy applicable to similar interest bought or sold on terms that the Assured is responsible for effecting insurance.

The existence of this insurance must not be disclosed to any third party.

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All right and benefits against the Seller and/or Sellers interest and/or Carriers and/or others are to be subrogated to Underwriters.

Any assignment of this policy or of any interest or claim hereunder shall discharge Underwriters from all liability.

 

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