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Actual Total Loss (ATL): An actual total loss may occur in three ways. Firstly when the, insured cargo is physically destroyed when fire in the hold of the ship destroys completely a consignment of paper or when a ship sinks in deep water and the ship with cargo is destroyed and there is no possibility of salvage (recovery). Secondly the insured cargo is so damaged that it ceases to be a thing insured. as in the case of cement that becomes concrete due to damage by sea water. Thirdly actual loss also occurs when the insured cargo is irretrievably lost beyond a reasonable time period. For example ship with cargo sinks which can be retrieved, but will take so much of time that the insured goods would cease to be of value to the insured. Similarly, when cargo is miss located, the insured may consider it total loss if it cannot be restored to him within a reasonable time period.
Advance Licence: An advance licence is granted to a merchant exporter or manufacturer exporter for the import of inputs required for the manufacture of goods without payment of ba
Exclusion Clauses : Notwithstanding the vast range of perils covered under the contract of cargo insurance, insurance cover is not provided against a number of perils and losses.
discuss the relationship between marketing communication and brand loyalty
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Duty Free Licence: Import of raw materials, intermediates, components, consumables, parts, accessories and packing materials may be permitted against a Duty Free Licence. Duty F
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