F.O.B./F.A.S. Endorsement Law and Legal Definition
F.O.B/F.A.S endorsement is a clause, or endorsement in a marine cargo insurance policy. It provides the assured with the option of insuring cargo from the point of origin only until the seller passes risk of cargo loss to the buyer under FOB or FAS trade terms.
This risk coverage is suitable where the buyer's insurance attaches only when s/he assumes the risk of goods when they are placed on-board a vessel, or at a ship's tackle. This type of insurance coverage is not relevant where a buyer provides a warehouse-to-warehouse coverage.
