Exam 11: Transportation

In the marine insurance industry, a "free from particular average" policy provides more protection than a "with average" policy.

The trade term " ________" is used when the seller fulfills his obligations to deliver by handing over the goods, cleared for export, to a carrier named by the buyer.

What is a charterparty?

Which of the following documents provided by a seller represents freight?

Which of the following is a term in a bill of lading that purports to extend to third parties the carrier's liability limits established by the Hague and Hague-Visby Rules?

Explain the trade term "free on board."

A(n) ________ is an association of seagoing carriers that have joined together to offer common freight rates.

A ________ is a firm that makes or assists in the making of shipping arrangements.

A time charterparty is a contract to hire an entire ship for a particular voyage.

The ________ establishes a hierarchy among lien claims.

Which of the following terms refers to a contribution by those jointly involved in a maritime venture to make good the loss by one of them for his voluntary sacrifice of a part of the ship or cargo to save the residue of the property and the lives on board, or for the extraordinary expenses necessarily incurred for the benefit and safety of all?

"With average" policies can be purchased without a franchise clause.

What is the purpose of a maritime lien?

Differentiate between a voyage charterparty and a time charterparty.

Maritime liens require possession.

Differentiate between a straight bill of lading and an order bill of lading.

Explain the Himalaya Clause.

Bills certifying that the goods have been properly loaded on board are known as claused bills of lading.

Which of the following best describes a claused bill of lading?

A(n) ________ is a seagoing common carrier operating over established routes with a stated rate schedule.