| ASSURED : | NATIONAL FOOD AUTHORITY |
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| LOSS PAYABLE CLAUSE : | Loss, if any, is payable to the Assured or Order. |
| GOODS INSURED : | Upon all merchandise and/or goods consisting of:
A. IMPORTATIONS
a) Grains in bags and/or in
bulk
B. LOCAL SHIPMENTS
a) Cereals and by-products:
rice, corn grains, etc.
b) Empty Sacks, Trucks
c) General Merchandise |
| VALUATION CLAUSE : | The value of shipments insured under this policy shall be the amount of invoice, including charges therein plus any prepaid and/or advance or guaranteed freight not included in the invoice. |
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| CONVEYANCE CLAUSE : | A. FOR IMPORTATIONS |
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Any approved steamer per Institute Classification Clause and/or any certified commercial airlines in regular and/or scheduled flights between duly established and maintained airports.
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| B. FOR INTER-ISLAND SHIPMENTS
Any approved commercial vessels.
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| GEOGRAPHICAL LIMITS : | Any and from ports and/or places worldwide to ports and/or places in the Philippines including inter-island shipments. |
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| ATTACHING DATE : | To apply to all shipments made on and after February 1, 1996 by or to the Assured for their account as Principal or as Agent for others, or for account of others with orders to insure. |
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| INSURING CONDITIONS : | See attached sheet |
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| RATES : | See attached sheet |
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| REPORTING CLAUSE : | It is warranted that the Assured shall declare to the GSIS on or before the 15th and end of each month, a comprehensive report of all marine shipments within the limits specified herein made during the preceding month coming within the terms and conditions of the Cover, and to pay the premiums thereon, willful failure to so declare or pay premiums when due shall (at the option of the General Insurance Fund) render this Marine Open Cover null and void as and from the date of such failure. |
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LIMIT OF LIABILITY &
ACCUMULATION CLAUSE : | A. Importation
P150,000,000.00 per shipment, per any approved steamer per Institute Classification Clause and/or any certified commercial airlines in regular and/or scheduled flights between duly established and maintained airports. Further declared and agreed that should the insurance or declared value exceed the above mentioned limit, insurance declaration should be on a per shipment basis and subject to confirmation by the General Insurance Fund. In case of a partial or total loss occuring prior to the Assured’s declaration of the particular shipment, the liability of the Fund shall not exceed such limit.
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| B. Local Shipment
P30,000,000.00 per shipment, any approved commercial vessels. Further declared and agreed that should the insurance or declared value exceed the above mentioned limit, insurance declaration should be on a per shipment basis and subject to confirmation by the General Insurance Fund. In case of a partial or total loss occuring prior to the Assured’s declaration of the particular shipment, the liability of the Fund shall not exceed such limit.
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| CANCELLATION CLAUSE: | This Cover may be cancelled by either party having given the other party THIRTY (30) days notice in writing but such cancellation shall not prejudice any risk or risks which have attached at the time said cancellation becomes effective. |
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| LAW AND PRACTICE : | The insuring conditions under Open Cover are subject to English Law and Practice, except in the event of loss/losses payable in the Philippines, in which event if such English law and practice conflicts with Philippine law and/or public policy, then the latter shall prevail. |
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| NOTE : | IT IS NECESSARY FOR THE ASSURED TO GIVE PROMPT NOTICE TO UNDERWRITERS WHEN HE BECOMES AWARE OF AN EVENT FOR WHICH HE IS “HELD COVERED” UNDER THIS POLICY AND THE RIGHT TO SUCH COVER IS DEPENDENT ON COMPLIANCE WITH THIS OBLIGATION. |