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CUSTOM DUTY CLAUSE |
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| To pay partial loss sustained on custom duty imposed
on the goods insured hereunder, by reason of the perils insured against,
but subject to the policy terms of average; also to pay total loss if the
goods are totally lost in accordance with the policy terms after the
custom duty is paid. In case of the insured amount of custom duty stated herein being in excess of the full amount of custom duty imposed on the goods insured hereunder according to the relevant regulations when they arrive at the final port of discharge named herein in sound condition, this Company's liability shall not exceed the amount of actual loss of custom duty. In case of the insured amount of custom duty stated herein being less than the full amount of custom duty mentioned above, this Company's liability shall not exceed such proportion of the loss sustained on custom duty as the former bears to the latter. The Assured shall, when this Company so elects, surrender the goods to the Customs Authorities and avoid custom duty payment, and in case of any reduction in custom duty the amount so reduced shall be deducted in settling any loss for which this Company may be liable. |