Unless otherwise agreed, the place of settlement of this invoice is where MCI Brokers has established his office. Issuing letters of exchange or waiver of claims does not result in novation. Art.2 - The risk of fluctuation in the exchange rate of foreign currencies or of the value assigned by law to the Euro shall be borne by the client. Any changes will automatically lead to changes in prices and quotations. Art. 3 - Any debt not paid on its due date shall, without any prior notice, be increased with compensatory interest calculated at the Belgian statutory interest rate applicable in the event of late payment in commercial transactions and increased by a lump sum indemnity equal to 10% of the debt, to cover economic damage and administrative costs, without prejudice to the right of MCI Brokers to prove the existence of a greater damage. 5. S ERVICES MCI Brokers is an insurance broker within the meaning of the Belgian legislative provisions. Our services are restricted to insurance brokering and the processing of loss and damage claims related to transport insurance. MCI brokers is registered as a brokerage agency for the insurance classes Fire, Accident, and various other risks. MCI Brokers does not offer coverage or other services pertaining to life or pension insurance. 6. D UTY OF CARE AND NEEDS ANALYSIS MCI Brokers provides brokerage services only in matters pertaining to insurance coverage of goods in transit, e.g., during the time that the goods are being handled, transported, or stored. The general insurance conditions pertaining to goods in transit are those of the Institute Cargo Clause (A) 2009, a standard set of conditions well-known within the sector. For what pertains to the special insurance conditions, only the nature and the value of the goods and the transport route are relevant parameters. Hence, the analysis of the Clients’ needs conducted by MCI Brokers is limited to these particular parameters. 6.1 Further information The extent of the coverage and the general insurance conditions are available on request by e-mail or telephone. 7. R EPORTING Except for the progress report concerning the processing of a claim, MCI Brokers provides no structural reporting on her insurance brokerage services. 8. F EES MCI Brokers receives a commission from the insurance company that provides coverage for goods in transit. This commission consists of a percentage of the premiums received for the insurance policies that MCI Brokers places with the insurer. The commission covers MCI Brokers’ operating costs related to the policy administration and the processing of the claims by MCI Brokers NV, as well as, in general, to the latter’s economic, legal, and administrative management and support of its activities. Page 2 of 4
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