CONTRACTUALOBLIGATIONINSURANCEPOLICY

FORSHIPMENTPROTECTIONCONTRACT

Variousprovisionsinthispolicyrestrictcoverage.Readtheentirepolicytodeterminerights,duties,andwhatisandisnotcovered,especiallythehighlightedpartswhichexempttheinsurerfromliabilityunderthispolicy.

Throughoutthispolicy,thewords“You”,“Your”and“Yours”refertotheInsuredshownintheSchedule.Thewords“CHUBB”,“We”,“Us”,and“Our”refertotheCompanyprovidingthisinsurance,CHUBBINSURANCECOMPANYLIMITED.

SECTION1–INSURINGAGREEMENT

InconsiderationofthepaymentofthepremiumandinrelianceuponallstatementsanddeclarationsmadebythePolicyholdertoCHUBBandsubjecttoalltheterms,conditionsandlimitationsofthispolicy,WeagreetopayYouoronYourbehalfsumsthatYouarecontractuallyobligatedtopaywhichariseundereachShipmentProtectionContractinaccordancewiththetermsofsuchShipmentProtectionContractissuedduringthePolicyPeriod.

SECTION2–DEFINITIONS

WhereverappearinginthePolicy,thefollowingdefinitionsapply:

ContractualObligation

YourrequirementsarisingunderaShipmentProtectionContractunlessexcludedunderSection3–PolicyCoverage,PartD.Exclusions.

CoveredLoss

TheliabilityYouincurastheresultofYourContractualObligationstotheShipperwherebyashipmentisaccidentallylost,stolen,damagedordestroyedwhilstbeingtransportedfromtheorigintothedestinationlistedinthefreightservicestransaction.

Theliabilityisextendedtoincludegeneralaverageandsalvagechargesorliabilityincurredunderany‘BothtoBlameCollisionClause’inanycontractofaffreightment.SuchcostsandexpensesshallformpartofandarenotinadditiontothemaximumdeclaredvalueshipmentprotectionofUS$100,000.

InnoeventshallthemaximumliabilityexceedUS$100,000.

ExcludedTerritories

Anycountry,territory,land,orregionlistedintheScheduleasanExcludedTerritory.

ServicesAgreement

TheagreemententeredintobyYouandtheShipper.

Insured

TheentitylistedastheNamedInsuredontheSchedulepageofthispolicy.

PolicyPeriod

TheperiodstatedintheScheduleandanyagreedrenewalperiod.

PolicyTerritory

AnywhereintheworldotherthanExcludedTerritories.

Policyholder

TheentitylistedasthepolicyholderontheSchedulepageofthispolicy.

Schedule

TheScheduleapplicabletothisPolicyissuedwithandformingpartofsuchpolicywordings.

ShipmentProtectionContract

Acontract,enteredintobyYouandaShipperwherebyshipmentprotectionispurchasedaspartofthefreightservicestransaction.

Shipper

Thebuyerofthefreightservices.

Termination

Thecancellationornon-renewalofthepolicy.

SECTION3–POLICYCOVERAGE

COVERAGE

CHUBBwillpaytheInsuredforanyCoveredLossarisingoutofaneligibleShipmentProtectionContract,occurringwithinthePolicyTerritoryduringthePolicyPeriod.

POLICYPERIOD

ThePolicyPeriodisone(1)yearfromtheeffectivedateshownintheSchedule,subjecttoeitherparty’srightsofcancellationassetforthinSection5–GeneralConditions.

LIMITSOFLIABILITY

CHUBB’slimitofliabilityforaShipmentProtectionContractisequaltothelimitofliabilityindicatedinsuchShipmentProtectionContractorUS$100,000whicheveristhelesser.

EXCLUSIONS

WewillnotindemnifyYouoronYourbehalfforanyloss,theft,damageordestructiontotheShipper'sdeclaredshipmentorforanyotheramountsunderanyShipmentProtectionContractarisingoutoforinanywayconnectedwith:

anycivilcommotion,labordisturbances,lockedoutworkers,riotsorstrikes;

anynon-compliancewithorbreachbytheShipperofanyconditionofcarriagesetoutinanytransporttradingtermsandconditions;

anyuseoroperationofanycomputer,computersystem,computersoftwareprogram,maliciouscode,computervirusorprocessoranyotherelectronicsystem,asameansforinflictingharmtotheShipper'sdeclaredshipment;

anydamagescausedbydelayevenifsuchdelaywascausedbyariskshipperagainst;

anyfault,defect,failure,errororomissionindesignorfaultyworkmanshipormaterials;

theShippercommittingorcondoningorallegedlycommittingorcondoningany:

dishonestorfraudulentactoromission;

oranymalicious,criminalorintentionalbreachofthelaw;

anyinherentvice,latentdefectornatureofthedeclaredshipment;

anyinsufficiencyordeficiencyofpackingand/orpackagingincludingbutnotlimitedto

fragilegoodsnotbeinglabelledasfragile;or

failuretoprovideaccurateorcorrectconsignedaddress;

thelawfulseizure,confiscationordetentionofalloranypartoftheShipper’sdeclaredshipment;

anymechanical,electricalorelectronicfailureunlessthereisvisibleexternalphysicaldamagethatoccurredwhilebeingtransported;

anyordinaryleakage,ordinarylossinweightorvolume,orordinarywearandtear;

anyionisingradiationsfromorcontaminationbyradioactivityfromanynuclearfuelorfromanynuclearwasteorfromthecombustionofnuclearfuel;anyradioactive,toxic,explosiveorotherhazardousorcontaminatingpropertiesofanynuclearinstallation,reactororothernuclearassemblyornuclearcomponentthereof;anyweaponordeviceemployingatomicornuclearfissionand/orfusionorotherlikereactionorradioactiveforceormatter;anyradioactive,toxic,explosiveorotherhazardousorcontaminatingpropertiesofanyradioactivematter;oranychemical,biological,bio-chemical,orelectromagneticweapon.

anyrust,oxidationand/ordiscolourationunlesscausedbyvisibleexternalphysicaldamagethatoccurredwhilebeingtransported;

anywar,invasion,actsofforeignenemies,hostilities(whetherwarbedeclaredornot),civilwar,rebellion,revolution,insurrection,militaryorusurpedpowerorconfiscationornationalisationorrequisitionordestructionofordamagetodeclaredshipmentbyorundertheorderofanygovernment,publicorlocalauthority;or

anyactofterrorismregardlessofanyothercauseoreventcontributingconcurrentlyorinanyothersequencetotheloss,theft,damage,ordestructiontothedeclaredshipment.

Thispolicydoesnotcoverthefollowingfreight:

bullion;

cashsecuritiesandothercashequivalents;

goodswhicharebanned,prohibitedorotherwiseexcludedbyanylaw,regulationorstatuteofanyjurisdictionfromwhichthedeclaredshipmentiscollected,delivered,orthroughwhichthedeclaredshipmentistransported;

liveanimalsorplants;

preciousjewelry,metals,stones;

temperaturesensitivegoods;

perishablegoods;

anydeclaredshipmentwhichthetransportoperatorspecificallyexcludesfromshipmentunderanytransporttradingtermsandconditions,andanyliabilityarisingfromtheshipmentofsuchexcludeddeclaredshipment.

WeshallnotbedeemedtoprovideshipmentprotectionandWeshallnotbeliabletopayanyclaimorprovideanybenefithereundertotheextentthattheprovisionofsuchshipmentprotection,paymentofsuchclaimorprovisionofsuchbenefitwouldamounttoacontraventionofanylaw,regulationorstatuteofanyjurisdictionfromwhichthedeclaredshipmentiscollected,delivered,orthroughwhichthedeclaredshipmentistransported.

WeshallnotbedeemedtoprovideshipmentprotectionandWeshallnotbeliabletopayanyclaimorprovideanybenefithereundertotheextentthattheprovisionofsuchshipmentprotection,paymentofsuchclaimorprovisionofsuchbenefitwouldexposeUs,orOurparenttoanysanction,prohibitionorrestrictionimplementedpursuantto

resolutionsoftheUnitedNationsorthetradeandeconomicsanctions,lawsorregulationsofChina,Singapore,theEuropeanUnion,UnitedKingdom,orUnitedStatesofAmerica.

CONDITIONSPRECEDENTTOCOVERAGE

ThefollowingisaconditionprecedentOurprovidingcoverageforaCoveredLossonaShipmentProtectionContract:

TheremustexistaneligibleShipmentProtectionContractwhichisdeterminedbyUsinaccordancewithSection5–GeneralConditions,ItemI.2andforwhichpremiumhasbeenpaidinaccordancewithallthetermsofthispolicy.

WearenotliabletopayanyCoveredLossunderthispolicyiftheconditionprecedentisnotsatisfied.

PROOFOFLOSS

TheremusthavebeenaverifiableandvalidCoveredLossinaccordancewiththetermsoftheShipmentProtectionContract.

TheShippershouldnotifytheInsuredshownontheShipmentProtectionContractregardingaCoveredLossassoonaspracticable.

YoumustgiveUswrittenproofofCoveredLossinaformandmanneracceptabletoUs.ThisproofwillincludeinformationsufficienttoidentifyYou;theShipper;thetime,placeandcircumstancessurroundingtheCoveredLoss;thenatureandextentoftheCoveredLoss;andotherdetailsasrequired.YouwillkeepUsadvisedofthedispositionofeachsuchCoveredLoss.YouwillsubmittoexaminationunderoathbyanypersonnamedbyUsasoftenasmayreasonablyberequiredinconnectionwithproofofCoveredLoss.

UponreceiptofaclaimfromYou,Weshall,inatimelymanner,confirmwhetheritiscoveredunderthispolicy.IfWebelievethattheproofsanddocumentsprovidedbyYouarenotsufficienttoproveYourclaim,WeshallhavetherighttorequestYou,onceandforall,toprovidesuchadditionalproofsand/ordocumentsasWemayrequiretoconsiderYourclaimunderthispolicy.Youshall,inatimelymanner,providesuchadditionalproofsand/ordocumentsasmayberequestedbyUsandsuchotherproofsanddocumentsasmaybenecessaryforUstoconsiderwhetherYourclaimiscoveredunderthispolicy.If,within30daysofOurreceiptofYourclaim,Weareunabletoconfirmwhethertheclaimiscovered,WewillnotifyYouofthetimeframewithinwhichWereasonablyanticipateisrequiredforUstomakethedecisionandWeshallnotifyYouofOurdecisioninatimelymanner.Iftheclaimiscoveredunderthispolicy,Wewillpaytheindemnitywithin10daysaftertheamountofindemnityisagreedwithYouorwithinaperiodotherwiseagreedwithYou.Iftheclaimisnotcoveredunderthispolicy,Weshall,within3daysafterthedecisionismade,issueadeclinationletterandexplainthereasonstoYou.

Weshallallowanadvancepaymentofindemnitywhichcanbedeterminedbytheavailableproofsordocumentsifthefinalindemnityamountcannotbedeterminedwithin60daysafterreceiptofaclaimandthebalanceamountoftheindemnitywillbepaidtoYouoronYourbehalfafterthesamehasbeenadjusted.

SECTION4–PREMIUMANDREFUNDS

ThePolicyholdershownintheScheduleisresponsibleforthepaymentofallpremiums.

Unlesschangedbyfilingorendorsement,OurpremiumforeachShipmentProtectionContractisindicatedontheScheduleorattachedendorsementontheeffectivedateofthepolicy,orasmaybeamendedthereafter.

PremiumsmaybechangedbyUsbyendorsementtothispolicywithten(10)dayswrittennoticetoYou,orinaccordancewiththeapplicablelaw.

Exceptwhereotherwisestated,cancellationtermsarebyShipmentProtectionContractandaredefinedtherein.

SECTION5–GENERALCONDITIONS

ACTIONAGAINSTTHEINSURER

Nolegalactionwillbecommenceduntilatleastninety(90)daysafterrequiredproofofCoveredLosshasbeenfiledwithUs.Nosuchactionmaybebroughtafterthree(3)yearsfromthedateYouareawareoforshouldhavebeenawareofCoveredLoss.

AMENDMENTS

Nowaiverorchangeofthetermsofthispolicywillbemadeexceptwhendoneinwriting,andsignedbyOurauthorizedrepresentative.Writtenchangesmustbeattachedtoandformapartofthispolicy.

NoticetoagentorknowledgepossessedbyagentorbyanyotherpersonwillnotaffectawaiveroramendmentinanypartofthispolicyorstopUsfromassertinganyrightunderthetermsofthispolicy.

CANCELLATIONANDNON-RENEWALOFPOLICY

Cancellation

CancellationbyUs:WehavetherighttoterminatethispolicybygivingYouthirty(30)dayswrittennotice.Weretaintherighttoterminatethispolicywithten(10)dayswrittennoticeintheeventofnonpaymentofpremium,anyfraudulentactcommittedbyYou,orasrequiredtodosobyanyregulatoryauthority.

CancellationbyYou:YouhavetherighttocancelthepolicyatanytimebygivingUsorOuragentwrittennoticeofYourintenttocancelthepolicy.However,anyandallShipmentProtectionContractsissuedandpaidforpriortocancellationremainsinforce.

ThetimeofsurrenderortheeffectivedateofcancellationstatedinthewrittennoticewillbecometheendofthePolicyPeriod.

Non-renewal

IfWedecidenottocontinuethispolicy,WewillmailordelivertoYouwrittennoticeofthenonrenewalnotlessthanthirty(30)daysbeforethepolicyexpirationoranniversarydate.Ifsuchnoticeismailed,proofofmailingwillbesufficientproofofnotice.

EffectofCancellationorNon-renewal

Intheeventofcancellationornonrenewalofthispolicy,WeremainliableforthepaymentofCoveredLosstoYouoronYourbehalfforeachShipmentProtectionContractissuedbyYouandacceptedbytheShipperpriortotheeffectivedateoftheTermination.

ConformancewithStatute

Thetermsofthispolicy,whichatthetimeofissuanceareinconflictwiththelawsofthePeople'sRepublicofChina(exceptlawsoftheHongKongSAR,theMacauSAR,andTaiwan),areherebyamendedtoconformtosuchstatutesineffectatthetimeofissuance.Furthermore,ifanyprovisioninthispolicyisheldbyacourtofcompetentjurisdictiontobeinvalid,void,orunenforceable,theremainingprovisionswillneverthelesscontinueinfullforcewithoutbeingimpairedorinvalidatedinanyway.

FRAUDANDMISREPRESENTATION

ThispolicyisissueduponthetruthofalldeclarationsmadebythePolicyholder.IfthePolicyholderdeliberately,orduetogrossnegligence,failstofulfiltheobligationasaforementioneddutyofdisclosure,whichmayadverselyaffectOurunderwritingdecisionsorpremiumrateassessment,Weareentitledtocancelthepolicy.Thesaidrightofcancellationshallbeextinguishedifitisnotexercisedwithin30daysfromthedatewhichWeareawareofareasonforcancellationortwoyearsfromtheconclusionofthispolicy,whicheverisearlier,andWewillbeliabletopaytheCoveredLoss.

IfthePolicyholderdeliberatelyfailstoperformthedutyofdisclosure,WeshallnotbeliabletopayanyCoveredLosswhichoccurredbeforethecancellationofthepolicyandWewillnotrefundthepremium.IfthePolicyholderfailstoperformthedutyofdisclosureduetogrossnegligenceandsuchfailurehadamaterialimpactontheoccurrenceofCoveredLoss,WeshallnotbeliabletopayanyCoveredLosswhichoccurredbeforethecancellationofthepolicybutWewillrefundthepremium.WearenotentitledtocancelthepolicyifWewereawareatthetimewhenenteringintothepolicythatthePolicyholderhadmadeanymisrepresentationsornon-disclosures,andshallbeliabletopaytheCoveredLoss.

INSPECTIONANDAUDIT

Wewillhavetheright,uponthree(3)day’snotice,toinspectandexamineYourbooksandotherrecords(insofarastheyrelatetotheinsuranceprovidedbythispolicy)atOurexpenseatanytimeduringthePolicyPeriodoranyextensionthereofanduntilone(1)yearafterShipmentProtectionContractsarenolongeroutstanding.NeithertherightssetforthhereundernoranyreportmadebyUsinexerciseofthatrightwillconstituteanyundertaking,onYourbehalforforYourbenefitorothers,todetermineorwarrantthatsuchpropertyoroperationsaresafeorhealthful,orareincompliancewithanylaw,rule,orregulation.

INSURED’SINDEMNIFICATIONOFINSURER

YouindemnifyandholdUsfreeandharmlessagainstanyandallclaims,actions,demands,orliabilitiesarisingoutofCoveredLosses,whetherwellfoundedornot,thatmaybeassertedagainstUsbythirdpartiesbyreasonofYourbreachoforfailuretoperformanyofYourobligationsunderthispolicy.

NOTICES

Allnoticesandothercommunicationshereunderwillbeinwritingandwillbedeemedtohavebeendulygivenifmailedregisteredmail,returnreceiptrequested,postageprepaid,toOuraddressshownonthepolicyScheduleortoanyotheraddress(es)asmaybedesignatedinwriting.Mailednoticeswillbedeemedgivenuponthethirddayaftermailing.

OBLIGATIONSOFTHEINSURER

WereviewandprocessallCoveredLossessubmittedbyYou.

WewillpromptlyprocessallreportsofShipmentProtectionContracts.WehavethesolediscretiontodecideandwillnotifyYouwhetheraShipmentProtectionContractiseligibletobecoveredunderthispolicy.IncasethatanyShipmentProtectionContractisnotconsideredeligible,Wewillrefundthepremiumpaid,ifany,foreachsuchcontract.NoShipmentPotectionContractshallbedeemedeligibleunderthispolicyuntilWeconfirmitseligibilitytoYou.

YourbankruptcyorinsolvencywillnotrelieveUsofanyofOurobligationsforShipmentProtectionContractsalreadyissuedandpaidforhereunderprovidedthatintheeventofthisoccurrence,theInsuredshallissuenoadditionalShipmentProtectionContractsandthispolicyprovidesnocoveragetoanysuchadditionalShipmentProtectionContractsissuedbytheInsured.

SUBROGATIONANDRECOVERIES

Intheeventofanypay