cargo insurance

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In the Swiss arbitration case of Compagnie de Navigation et Transports SA v. Mediterranean Shipping Co. SA (1995 BULL. ASA 503), the owner of the freight ship, Mediterranean Shipping Co. (MSC), agreed to ship cargo owned by the cargo owner. The cargo became open, lost, and damaged in the ship while in transit. Because there was cargo insurance, the insurance company, Compagnie de Navigation (CNT), paid damages to the cargo owner on behalf of MSC. CNT later brought a claim in Swiss court against MSC for indemnification.