Liability Policy

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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

1. CFR / CIF: 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. 
2. Delivered: Title to and risk of loss or damage to any Product delivered under this Agreement shall be transferred from Seller to Buyer at the Discharge Port as the Product passes the Vessel’s permanent hose connection.

PART C - IN RESPECT OF EX-TANK, INTO TANK, FREE INTO PIPE, EX-PIPE, AND IN SITU DELIVERIES

1. Title to and risk of loss or damage to any Product delivered under this Agreement shall be transferred from Seller to Buyer as follows, where delivery is:
   1. Ex-tank: As the Product passes the outlet flange of Seller’s storage tank from which the Product is being delivered; or
   2. Into tank: As the Product passes the inlet flange of Buyer’s storage tank to which the Product is being delivered; or
   3. Free into pipe: As the Product passes the inlet flange of Buyer’s receiving pipeline system; or
   4. Ex-pipe: As the Product passes the outlet flange of Seller’s delivering pipeline system; or
   5. In situ (by way of book transfer): At such time and day and in such tank(s) as shall either be specified in a Confirmation or as agreed between the parties prior to such transfer being effected and, where applicable, confirmed by the owner/operator of such tank(s).

PART D - IN RESPECT OF DELIVERIES FCA INTO AND DELIVERED FROM TANK TRUCKS AND RAILCARS

1. Title to and risk of loss or damage to any Product delivered under this Agreement shall be transferred from Seller to Buyer as follows, where delivery is:
   1. FCA into tank truck or railcar: At the loading terminal as the Product passes the inlet flange of the tank truck or railcar.
   2. Delivered from tank truck: At the receiving terminal as the Product passes the outlet flange of the tank truck.
   3. Delivered from railcar: At the moment that the locomotive used to transfer the railcars from the loading terminal to the agreed delivery point/frontier is uncoupled from such railcars at the agreed delivery point/frontier sidings.

*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.

• By default, the largest amount of the  indicated range will be required.

**If a contract includes various activities, the widest coverage requirements and highest damages limits will be applicable.

1. When there are different companies in the same contractor group involved in the work (insured by the same policy).
2. If contractor personnel do not work in their own facilities.
3. In excess of the Compulsory Automobile Insurance and Compulsory Passengers Insurance, or up to 5 MM, whichever is greater?
4. For small ships which are not included in a P&I Club. It will include Employer's Liability, Contamination, and Accidental Pollution.
5. Replacement value of goods/equipment. In the case of vessels/aircrafts, the value will include machinery, equipment and appurtenances.
6. Full entry conditions in a P&I Club of the International Group, including Pollution and Contamination.
7. In cases of construction, installation, laying pipes or drilling, the "Specialist Operations" endorsement must be requested. If using underwater equipment, the "Subsea equipment" endorsement or policy must be requested.