Bulk Oil Clauses- Guaranteed Out-Turn Under Marine Insurance
Kindly ensure that “ Guaranteed Out-Turn” (GOT) clause is included under marine insurance of Bulk Oil. It covers the loss “ for leakage and /or/shortage the difference between the quantity loaded as evidenced by the Bill of Lading and the quantity discharged determined by the outturn survey report” shall be payable subject to warranty that “ the Assured should ensure that tank’s be cleaned, tested and approved prior to loading of cargo and a certificate therefore be given by a Surveyor at Port of loading.
Generally the excess under this clause will be 0.5 % irrespective of the other excess applicable otherwise.
Further if the condition in the Letter of Credit is that quantity supplied by the Supplier is subject to adjustment of +/- 2% which means up to 2% loss of quantity is not payable to the Supplier . Hence no claim is payable if the loss is up to 2%.