How to Complete the ACORD 193 Coverage Section

ACORD 193 Open Cargo General Information and Coverage Sections

GENERAL INFORMATION

AVERAGE VALUE: Enter the average value of items being shipped after the $ sign.

After the "PER" enter a text description of what the average value applies to - example, per shipment.

PACKING: Enter a text description of the packing or packaging of the items insured.

ANNUAL GROSS SALES: Enter the annual gross sales of the items being shipped for this insured.

COVERAGE FORM: While most property insurance forms can be broken down into broad categories of Named Peril, Broad Form or All Risk, Marine insurance coverages are more likely to be unique manuscript forms custom written by each individual carrier. Work with your underwriter to be certain you use the correct wording in this space.


COVERAGES

COVERAGE TYPE: The first of the five boxes in this column is pre-filled with INTERNATIONAL TRANSIT as the coverage type. If you are not covering property shipped internationally then you should not enter any responses in the rest of the first row.

Other possible coverage types would be domestic transit, air transit, land transit, etc.

VALUATION: Indicate the type of value used. Types of value are an accounting question. Possible types of value include book value, fair market value, cost of production value, historical value, sales value, etc.

Enter the appropriate type of value for each row which has a coverage type.

ANNUAL VALUES: Enter the total annual values for this applicant for this coverage type.

LIMIT: Enter the limit of insurance coverage for each coverage type.

PER: Enter text identifying the type of unit to which this coverage limit applies. An example would be "per shipment".

DED: Deductible. Enter the deductible for the coverage type in each row.


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ACORD 193 Open Cargo Section - Interest, Conveyance and Operations

How to Complete the ACORD 193 Interest, Conveyance and Operations Sections

INTEREST: This defines your insured's interest in the property being shipped. Select one of the following by checking the appropriate box.

1. FREIGHT FORWARDER
2. SHIPPER OF OWNED PROPERTY
3. IMPORTER
4. EXPORTER
5. OTHER - if you check this box add a text description.

CONVEYANCE USED: Describe the type of transportation which will be used to move the property insured under this policy. Examples, container ship, barge, etc.


OPERATIONS

PROPERTY SHIPPED:  Provide a text description of the property being shipped. If this is a large shipment of various items you may want to attach a spreadsheet with a description of all items.

POINTS OF ORIGIN: Where did the shipment originate? More to the point, at what physical location does the coverage begin. If there are separate items picked up along the way, associate each item with its point of origin.

POINTS OF DESTINATION: Where is the shipment begin taken. When does this coverage end. If there are separate items delivered to separate destinations, associate each item with its destination.


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