The insurance should be effected by the Buyer if the contract is concluded on CFR basis. However, the seller should, immediately after the goods are completed loaded at port of shipment, fax to notify the buyer or the consignee of the contract, name of the commodity, quantity, gross weight, measurement, invoice value and number of B/L, name of the vessel, the date of shipment,etc.. In case the goods are not insured in time, owing to the seller's failure to give shipping advice timely, any and all consequent losses should be borne by the Seller.