Terms and Insurance Section

The Terms and Insurance section in the create new booking page allows you to indicate the INCOTERMs (A list of terms from International Chamber of Commerce) and Insurance details associated with the shipment.

Based on the INCOTERM selected, Shipment Management Centre automatically determines the additional information and assigns terms for Origin, International and Destination charges to either Prepaid, Collect, None, or Third Party. See the table of INCOTERMs Charges for more information.

More details on this topic is presented in Terms and Insurance in Details and Documents section.

1 Click Create Bookings from the left navigation panel or click Find Bookings and search for the booking you want to modify.

2 Select the Booking Type as Transportation and scroll down to the Terms and Insurance section. When you are finished with the section, select the check box at the bottom of the page to indicate that the Terms and Insurance section is complete. This displays a tick mark against the Terms and Insurance link in the left navigation panel.

Field

Description

*Terms of Trade

International Commercial Terms (INCOTERMs) decided by the Trading Partners. Select from the drop-down list. Based on the INCOTERM selected, the terms for Origin, International and Destination charges are determined automatically. See table for applying INCOTERMs Charges for more information.

This is a required field.

*Additional Information

Enter the additional information for the selected INCOTERM. The field label is set based on the INCOTERM selected. For example: If INCOTERM Free on Board is selected, the field label that appears in this field is Named Port of Shipment. See table for applying INCOTERMs Charges for various field names associated with different INCOTERMs.

This is a required field.

*Insurance and Declared Value

Declared Value for carriage for transportation bookings.

This is a required field.

*For this booking do you wish to:

Select from:

Request Insurance - Select this if you wish to request insurance from the Insurer and enter the insurance coverage amount.
Declare higher value for carriage - Select this if you wish to independently declare the value for carriage and enter the carriage amount.
Neither - Select this if you do neither wish to cover insurance nor declare the value for carriage.

This is a required field.

Terms

Select the charges from the drop-down list. The available charges are None, Prepaid, Collect and Third Party. Selection of Third Party enables the Third Party Bill to field.

Insurer

The name of the insurance company. Enter the name or click Search to find the Insurer from the Trade Partner list. Click Assign to fetch the details of the Insurer into this section.

3rd Party Bill to

The name of the 3rd Party company. Becomes enabled only if the term Third Party is selected in the Terms drop-down list. Enter the name or click Search to find the Third Party from the Trade Partner list. Click Assign to populate the details of the Third Party into this section.

All Risk Coverage is the most extensive coverage available; however, there are certain losses it will not cover. When you click on the link More Information, the pop-up window appears as shown below. The pop-up window explains in detail about which losses are insurable, and which are not insurable and therefore not covered under All Risk insurance.

Figure 2: More Information on Insurance Coverage and Other Risk Factors Pop-up Window

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- Created by: Expeditors Technical Communications Department -