LIST OF REQUIRED LIMITS IN THE INSURANCE POLICY ACCORDING TO PRODUCTS OR SERVICES
The required limits shall always be those set forth by the Insurances Division according to the file below and/or any subsequent updates thereof issued. In case of doubt or contradiction, confirmation must be requested from the Insurances Division
CIP/Delivered: Title to and risk of loss or damage to the Precious Metals & Gemstones and/or Aircraft shall pass from Seller to Buyer at the storage facility when the Precious Metals & Gemstones is about to be discharged into the Buyer’s storage facility / refinery etc. as the Product passes the Aircraft’s cargo despatch customs storage facility. Upon the delivery and/or movement of Cargo into final Buyers, discharge facility the Seller stands discharged from any and all liabilities of loss or damage.
*In contracts where the currency is not the pound and the limits must be indicated in this currency, the exchange value against the pound will be used, rounding the result up to the nearest hundred thousand.
**If a contract includes various activities, the widest coverage requirements and highest damages limits will be applicable.