Notice of Occurrence

Notice of Occurrence is an important term in international trade insurance, referring to a formal written notice sent by the insured to the insurance company or its agent when a loss or accident within the scope of insurance liability occurs during the transportation of goods. This notice is usually required to be sent immediately or within a reasonable period after learning of the occurrence, so that the insurance company can promptly survey and assess the loss, collect evidence, and handle the claim. It is mainly used in marine, air, and land cargo insurance, as well as export credit insurance. Precautions: failure to notify in time may result in the insurance company refusing or reducing compensation; the notice should include the policy number, cargo information, time and place of occurrence, and details of the loss; it is best to attach relevant supporting documents. Difference from other terms: unlike a Claim Notice, a Notice of Occurrence only informs of the accident and does not necessarily make a claim; it is similar to reporting a case but is more formal and mostly used in insurance contexts. Foreign trade practitioners should be familiar with the insurance clauses in contracts and letters of credit to ensure timely fulfillment of the notification obligation.