Marine insurance plays an important role in domestic trade as well as international trade. Most contracts of sale require that the goods must be covered, either by the seller or the buyer against the loss or damage. Iden
CS Professional · Insurance - Law & Practice · PYQS · June 2025
Marine insurance plays an important role in domestic trade as well as international trade. Most contracts of sale require that the goods must be covered, either by the seller or the buyer against the loss or damage. Identify who is responsible for coverage of insurance in the following types of contracts: Free-on-Board Contract.
Answer & Explanation:
The seller is responsible till the goods are placed on board the steamer. The buyer is responsible thereafter. He can get the insurance done wherever he likes. Once the goods are on board, the risk and responsibility for the goods, and any associated costs, transfer to the buyer.
Topics: Marine Insurance
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