Cargo Insurance Post Assessment

10 Questions | Total Attempts: 81

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Cargo Insurance Post Assessment

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Questions and Answers
  • 1. 
    What is the single largest cause of cargo loss?
    • A. 

      Pirates

    • B. 

      Natural Disasters

    • C. 

      Accidents

    • D. 

      Theft on land

  • 2. 
    The _______________ is a set of international rules for the international carriage of goods by sea.
    • A. 

      Rotterdam Rules

    • B. 

      Carriage of Goods by Sea Act (COGSA)

    • C. 

      Hague-Visby Rules

  • 3. 
    What is not one of the Hague-Visby Defenses?
    • A. 

      Act of God

    • B. 

      Insufficiency of packing

    • C. 

      Attack by pirates or other vessels

    • D. 

      Quarantine Restrictions

  • 4. 
    The law of ____________ is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency.
    • A. 

      General Proportion

    • B. 

      General Average

    • C. 

      General Means

    • D. 

      General Sacrifice

  • 5. 
    What is the premise of the Hague-Visby rules?
    • A. 

      The carrier has a far greater bargaining power than the shipper.

    • B. 

      The shipper has a far greater bargaining power than the carrier.

    • C. 

      The customer has a far greater bargaining power than the shipper.

  • 6. 
    What is not a listed coverage under FPA?
    • A. 

      Fire or Explosion

    • B. 

      Jettison

    • C. 

      Sinking or Stranding

    • D. 

      Late Arrival

  • 7. 
    What state's abbreviation is a term that adds “perils of heavy weather” to the FPA coverage?
    • A. 

      VT

    • B. 

      WA

    • C. 

      CA

    • D. 

      GA

  • 8. 
    What is not an example of a typical exclusion to all-risk coverage?
    • A. 

      Improper packing

    • B. 

      Inherent vice

    • C. 

      Lack of funds

    • D. 

      Rejection/delay by Customs

  • 9. 
    A General Average guarantee must be posted to release the freight.
    • A. 

      True

    • B. 

      False

  • 10. 
    What is the recovery limit per package designated by the Carriage of Goods by Sea Act (COGSA) when a carrier/NVOCC is negligent?
    • A. 

      $500

    • B. 

      $1000

    • C. 

      $1500

    • D. 

      $2500

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