An insurance cover ing cargoes carried by ships, aircraft, or other forms of transport. On a *FOB contract, the responsibility for ensuring the goods for the voyage rests with the buyer. The seller’s responsibility ends once the goods have been loaded onto the ship or aircraft (or train in the case of FOR contracts). On a *c.i.f. contract, insurance is the responsibility of the seller up to the port of destination. On a *c & f contract, the seller arranges the shipment. and pays the freight but the buyer is responsible for the insurance during the voyage (as in a FOB contract). See also AVERAGE; FLOATING POLICY; OPEN COVER.
