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Recoverable Expenses: An insurance company will pay expenses incurred by the insured for recovering loss for preventing it to the cargo. This is, however, subject to two conditions. Firstly, the expenses must be to prevent or minimise the loss due to the insured perils. Secondly the liability of the insurance company will not exceed the sum insured. These recoverable charges are:
a) Extra charges which include survey fees and reconditioning costs;
b) Sue and labour charges, which include all expenses to prevent loss damage to goods for which insurance company would be liable; and
c) Forwarding expenses which may be incurred when voyage is terminated short of destination.
classification
Filing Claims : The insured will file claim with the insurance company after meeting the aforementioned requirements. The insurance company is generally contacted immediately on d
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INTRODUCTION : You have learnt in Unit 11 the process, procedures and documentation formalities in preparing goods for exports as well as movement of goods from the inland product
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