What is cargo insurance?
Cargo insurance is a comprehensive and effective protection guarantee in relation to the property transported via any mode of transport in any part of the world.
Insurance object means the property interests in relation to any type of cargoes, which are insured by the policyholder in favor of itself or any other person, in accordance with the commercial principles.
Our insurance may cover the following risks:
Version A – an insurance against all dangers to which the cargo is exposed during the insurance period and against common consequences of accidents.
Version B - an insurance against the main risks: cargo damage, destruction due to external impact:
- when the vessel carrying the goods strikes the ground or runs aground, sinks, founders, collides with other vessels or objects, or is damaged by ice;
- when other means of conveyance carrying the goods suffer an accident;
- when a storage building collapses;
- in case of natural disasters; impact or crashing of a flying object, parts thereof or its cargo;
- in case of a jettison, washing overboard or being lost overboard as a result of heavy weather;
- when the goods are sacrificed in order to save the vessel;
- in case of discharge, intermediate storage and loading of the goods at a port of refuge called at on account of a risk insured against.
In addition, the insurer shall indemnify the losses in case of:
- the total loss of the whole packages, excluding loss arising from damage or disappearance (e.g. theft, embezzlement, non-delivery or incorrect delivery);
- total loss of the whole packages as a result of damage caused by accidents during loading and unloading the means of conveyance, and the consequences of the common accidents.
Insurance Period
The insurance coverage shall take effect from the moment the goods covered by the insurance are dispatched for the transportation referred to in the insurance contract from the place where they were previously stored and shall expire as soon as the goods are delivered and unloaded in the place of destination referred to in the insurance contract, including intermediate storage.
Insurance of the goods transported:
- helps avoid potential financial losses;
- in case of a damage, helps avoid disputes with business partners and carriers as well as control your business costs.