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Protecting the cold store with sprinkler systems: which type is the best fit?

Sprinkler systems use water, and water freezes below 0 °C. The temperature in a cold store is usually below 0 °C. Moreover, considerably lower temperatures are required for the storage of food. There is a risk of microbiological growth if food is stored at temperatures higher than - 12 °C for a significant time. Accordingly, if pipes are filled with…

Fire, Sprinkler, Cold Store, Risks, Property Author: Aramayis Galichyan

Who may have insurable interest under cargo insurance policies?

1. Sellers and buyers Because of the dynamic nature of passage of risks and ownership in international transportation of goods, either the seller or the buyer of goods may be the deemed as the party having the ownership in the cargo or the party at risk for the loss of or damage to the cargo at various points during the…

Insurable Interest, Cargo, Sellers, Buyers, Marine, Risks, Ownership, Insurance Author: Aramayis Galichyan

Timing of insurable interest in cargo insurance

We have already talked about the standardised Institute Cargo Clauses (ICC) drafted by the Institute of London Underwriters (ILU) on the 1st January 1982 which have been reviewed and amended by the International Underwriting Association of London (IUA) and Lloyds Market Association (LMA) on 1st January 2009. Given the wide application of these clauses by insurers from all over the…

Insurance, Cargo Insurance, Risks, Insurable Interest Author: Aramayis Galichyan