They determine the point of change of responsibility between the buyer & seller. Incoterms inform sales contracts defining respective obligations, costs, & risks involved in the delivery of goods from the seller to the buyer.

Below are some general conditions or warranties attached to a marine insurance policy:

● Rusting, oxidation, discoloration & corrosion are excluded unless caused by ICC(B) perils

● Institute Replacement clause

● Second-hand Replacement clause

● Excluding Mechanical, Electrical & Electronic derangement unless caused by ICC (B)/ITC (B) perils

● Over Dimensional Cargo Survey Warranty

● Warranted that losses due to adulteration, contamination & deterioration of quality is excluded

● Warranted that goods are transported in closed wagons & /or trucks to be covered with tarpaulin or any other waterproof material to avoid ingress of water

An endorsement can be requested for the addition, modification, deletion of the bank name