Subrogation
Subrogation is the insurer's right, after paying a claim, to step into the insured's position and recover from the party that caused the loss, such as a carrier, terminal or trucking company. To preserve it, the insured must not release that party from liability and must give notice of damage on time under the contract of carriage. Claims against ocean carriers are often limited by conventions such as the Hague-Visby Rules and by time bars.
Related terms
- Cargo Insurance (Marine Cargo Insurance)
Cargo insurance protects the cargo owner against loss of or damage to goods during sea, air or land transport.
- Cargo Surveyor
A cargo surveyor is an independent party who inspects the condition, quantity, packing or loading of goods and records the findings in a survey report.
- Bill of Lading (B/L)
A bill of lading is the ocean transport document issued by the carrier or its agent.
- Freight Forwarder
A freight forwarder organises shipments on behalf of cargo owners: booking ship or aircraft space, arranging trucking, documents, insurance and LCL consolidation.