No insurance is taken out by the T.L.O without a written and repeated order by the instructing party for each shipment, indicating risks to be covered and values to be insured.
If such an order is given, the T.L.O, acting on behalf of the instructing party, shall take out insurance with an insurance company that is creditworthy at the time of coverage.
Failing specific indicators, only ordinary risks (apart from war and strike risks) shall be covered.
As it acts, in this specific case, as an agent, the T.L.O shall not be considered as an insurer. The terms of the policy are deemed known and approved by the senders and consignees, who shall bear the cost thereof. An insurance certificate shall be issued, on request.
Posted in: CGV-EN