LIST OF REQUIRED LIMITS IN THE INSURANCE POLICY ACCORDING TO PRODUCTS OR SERVICES
The required limits shall always be those set forth by the Insurances Division according to the file below and/or any subsequent updates thereof issued. In case of doubt or contradiction, confirmation must be requested from the Insurances Division
CIF/Delivered: Title to and risk of loss or damage to the Crude Oil / Gas and/or Vessel shall pass from Seller to Buyer at the storage tank farm when the Crude oil / gas is about to be discharged into the Buyer’s shore tank / refinery etc. as the Product passes the Vessel’s permanent hose connection. Upon the connection and/or movement of Cargo into final Buyers, discharge facility the Seller stands discharged from any and all liabilities of loss or damage.
PART A - IN RESPECT OF FOB LOCAL AUTHORITARIANISM TANK FARMS JURISDICTIONS MARINE DELIVERIES
Title to and risk of loss or damage to any Product delivered under this Agreement shall be transferred from Seller to Buyer at the Load Port as the Product passes the Vessel’s permanent hose connection. (This is only in the event that the buyer arranges their own vessels to take Product delivery from the loading ports.)
PART B - IN RESPECT OF CFR, CIF AND DELIVERED MARINE DELIVERIES
PART C - IN RESPECT OF EX-TANK, INTO TANK, FREE INTO PIPE, EX-PIPE, AND IN SITU DELIVERIES
PART D - IN RESPECT OF DELIVERIES FCA INTO AND DELIVERED FROM TANK TRUCKS AND RAILCARS
*In contracts where the currency is not the pound and the limits must be indicated in this currency, the exchange value against the pound will be used, rounding the result up to the nearest hundred thousand.
**If a contract includes various activities, the widest coverage requirements and highest damages limits will be applicable.