"Forwarding" of an insurance policy in Cameroon can refer to two different concepts: assigning the policy to a new owner, or a freight forwarding policy that covers goods during transportation. An assignment transfers the rights and responsibilities of a life or health policy to another person, while a freight policy in Cameroon covers damage to goods during transit and includes carrier liability. The specific process for forwarding depends on the type of policy.
The insurance policy in Cameroon may be underwritten on behalf of a named person or the bearer. It may also be underwritten on order.
Policies underwritten policy on order shall be forwarded through endorsement, even in blank.
A life insurance policy in Cameroon may be underwritten on order. It may not be underwritten on behalf of the bearer.
The endorsement of a life insurance policy on order in Cameroon, shall under penalty of nullity indicate the date and the name of the beneficiary of the endorsement and must be signed by the endorser.
Scope of Assigning a Personal Insurance Policy in Cameroon
Process: This involves transferring ownership of the policy to another person, which is a legal change and not just a beneficiary update.
Requirements: You may need to obtain consent from the insurer. Some policies may have restrictions, such as an "anti-assignment clause" that prohibits transfers, but there are often exceptions, especially after the policyholder's death.
Key considerations: This is a complex process that can impact your financial and estate plans. It is important to understand what is involved and potentially consult an attorney.
Freight forwarding insurance (Cameroon Shipping Code)
Purpose: This type of policy specifically covers risks that occur during the transportation of goods.
What is covered: It can cover damage from accidents, errors, or negligence by the carrier during transit.
Scope: It can also provide subsidiary coverage for situations where the forwarding order is subcontracted, helping to minimize default risk.
How it works: A "forwarding policy" can be an additional policy for the freight forwarder or a type of coverage that is built into their overall liability for the shipment.
Exceptions
Insurers may raise exceptions opposable to the initial policy subscriber against the bearer of the policy or a third party who invokes the benefit thereof.