A sells to B a consignment of wheat in bulk CIF Damietta, Egypt basis. The vessel was caught in a storm and, despite all the efforts of the crew, the cargo holds were filled with water rendering the wheat completely inappropriate for human consumption. Upon arrival of the vessel at Damietta B is furious and decides not to claim the insurance but to refuse the cargo and to reject payment. Since the cargo was sold on open account basis under credit insurance, A claims the credit insurance for compensation insisting on the refusal of B to pay. The insurance rejects the claim, arguing that this is a disputed receivable because of the damaged cargo.
1) Analyse the case focusing on the following aspects:
- Relevant insurance to be involved (and type of coverage) – please focus on Institute Clauses for the marine insurances
- Applicable insurance principles or exceptions, if any
- Chronological order of the insurance process (who claims to who, incl. eventual recoveries )
- Mitigation steps to be taken by the parties, if any
- Structured Essay / Report style
2 pages (not more)
- Font: Times New Roman 12 or Arial 10 single line spacing
- Copy-pasting (from internet) killed thousands of deals , so just don't do it, you will fail !
- Make sure that whenever you use information from a source (e.g. website), you add a reference (as a footnote). Please also list down all your sources in an annex
- Stick to the assignment instructions – writing only
- Review your report, make sure that you clean it from typos and spelling mistakes
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