Article 145 of Commercial Code

1 - The seller shall conclude, at the seller's expense, a marine insurance contract for the goods with a reputable insurer, covering the risks of the voyage. If the thing sold is shipped in consignments, each consignment must be insured separately. The seller may not personally act as insurer vis-à-vis the buyer. 2 - The insurance must be concluded under a negotiable policy and on the terms customary at the port of shipment, provided that the insured amount is not less than the price stated in the contract of sale plus ten per cent. - The seller shall be obliged to insure only against ordinary transport risks. As for risks specific to a particular trade, the seller shall not be obliged to insure against them unless this is agreed with the buyer. Likewise, the seller shall not be obliged to insure the thing sold against war risks unless the contract provides otherwise. Law Index 1272 Home Page Commercial Law Decree-Law No. 68 of 1980 Promulgating the Commercial Law