Define the term ‘insurable interest’, and how the term is used to determine which party, i.e. the seller or
buyer, should make a claim in the event of loss or damage to the cargo while in the custody of the carrier.
In the case of a Cost Insurance and Freight (CIF) contract as defined under the INCOTERMS 2010, define the responsibilities of seller and buyer, and at what point the insurable interest transfers to the buyer, showing who can sue in the case of loss of or damage to the cargo concerned

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