ACE GLOBAL is bearer of a Cargo insurance policy N° 268.840 effective as from 15.01.2008.

This policy placed near First Class Underwriters all A-rated by Standard and Poor’s covers:

ACE GLOBAL staying at 2nd Floor De Burgh House Market Road Wickford Essex SS11 0BB, UNITED-KINGDOM

acting on its own behalf as well as on behalf of present or future affiliated and/or associated and/or allied Companies, themselves acting on behalf of whom it may concern and/or where they have instructions to insure such as financial institutions, banks and/or collateral managers and/or trading companies and/or shippers and/or end users and any other parties collectively referred to as “ACE GLOBAL and their constituents”, for the sum of

TWENTY MILLION DOLLARS (USD 20,000,000) or equivalent value in another currency, at maximum per ocean vessel/ barge and/or rail convoy and/or per consignment and/or per stay/storage building (one single building being several buildings sharing a same wall or separated by less than 5 meters from each other) sub-limited to:

FIVE MILLION DOLLARS (USD 5,000,000) or equivalent value in another currency, at maximum per river barge and/or aircraft and/or truck,

relating to all Cargo Interests under ACE GLOBAL supervision/ monitoring or collateral management and more particularly but not exclusively AGRIPRODUCTS and/or FOODSTUFFS, for any voyage (including any storage either in the normal course of transit or not) from any point in the World to any other point in the World (except countries at war or under international embargo which are subject to preliminary agreement of the Underwriters).

The insurance attaches as from the time the cargo is under the collateral management and/or monitoring and/or supervision of ACE GLOBAL or its representatives and at the earliest from “bord champ” and/or plantation and finishes once ACE GLOBAL or its representatives have no more the custody of the cargo and at the latest when the cargo is leaving the consignee’s warehouses in the destination country. This obviously includes intermediary storage within the origin and/or destination countries as well as land and/or river and/or air and/or marine transit.

The cargo is covered under ALL RISKS conditions, namely against Ordinary Risks of transport as well as War Risks (waterborne/ airborne) and SRCC, in accordance with the French and/or English General Conditions, the Assured benefiting, in case of claim, from the most favourable terms.

Misappropriation is also covered up to a limit of US$ 4 000 000 per event, loss per annum.

During periods of stay/storage, cargo continues to be covered, under the same conditions, against ordinary risks as well as SRCC risks.

Those General Conditions are supplemented by Special Provisions, specifically adapted to ACE GLOBAL activity such as:

• COVER FOR "STORAGE/REFORWARDING EXPENSES" FOLLOWING THE REFUSAL OF THE INSURED GOODS IMPORTATION BY AUTHORITIES
• MISAPPROPRIATION CLAUSE
• HEATING, SWEATING, SPONTANEOUS COMBUSTION
• SWEATING, CONDENSATION AND MOULD RISKS ON CONTAINERISED SENDINGS (INCLUDING UNDER FCL STATUS)
• LOSSES AND SHORTAGES NOTICED ON UNSTUFFING INTACT CONTAINER SEALS (INCLUDING UNDER FCL STATUS)
• INFESTATION / FUMIGATION
• FROST RISKS (RUBBER)
• MELTING RISKS (COCOA)
• COUNTRY DAMAGE (COTTON)
• CONTAMINATION/ BROKEN HOSES (VEGETABLE OILS)
• VARIATION OF TEMPERATURE (FROZEN)
• Etc.

The policy also contains some clauses specifically built to meet with ACE GLOBAL’s particular activity, covering:

• SHORTAGES IN WEIGHTS AND/OR IN QUANTITIES – FULL OUTTURN GUARANTEE for which ACE Global can provide a guarantee on the possible shortage which may occur between loading and unloading. The client is compensated if a difference should occur.  During loading and unloading operations, weight can be ascertained by using different means of weighing, with ACE Global witnessing at both ends.  Rates for these services are all inclusive (survey at loading + unloading + insurance cover) and subject to some deductibles depending of the segment of coverage chosen.
  
  
• DIFFERENCES IN QUALITY – FULL OUTTURN QUALITY for which ACE Global can provide a guarantee on the quality results obtained at loading and discharge as long as similar sampling plans and analytical methods are used at both ends but subject to  some deductibles to be applied on the quality parameters chosen by client.
  
  
• SUBSTITUTION OF GOODS