Subject of the insurance are the goods during transportation and the interests, related to them during the transportation, despite of the transport type, for loss and/or damage, which is direct consequence of the risks, agreed in the insurance policy.
The cargo insurances are unified according the original London clauses, the so called “Institute cargo clauses”. They are internationally recognized and are similar all over the world. The three clauses types, “A”, “B” and “C” are different, depending on the scope of coverage. The first clause offers full coverage, Clause “B” – limited coverage and Clause “C” – minimal coverage.
Clause “А” 1.1.09 covers all possible risks, related to loss or damage of the insured load, during transportation, excluding the risk of war, political unrest, strikes, riots, bankruptcy of the insured person, insolvency, exchange differences of the value of the goods on the exchange, intentional action or inaction of the insured person as well as the damages, caused by insufficient or inappropriate packaging or by unfitness of the transport vehicle. The covered risks include fire, explosion, traffic accident, natural disaster, theft, where the coverage of the latter excludes the theft of the entire vehicle.
Clause “B” 1.1.09 covers fire, natural disasters, earthquake, load dampening, penetration of marine or river water in the hold or the container, partial or full loss of the package of the load, but according to the insurers, it is rarely bought.
Clause “C” 1.1.09 is specialized and covers only fire, explosion, traffic accident and full loss. This insurance covers only goods in bulk state.
The practice required the London Institute of Insurers to develop and approve Special clauses applicable to some specific risks and concrete loads.
War risks – as per the conditions of Institute’s War Clauses (Cargo) – 1.1.09;
Strikes, riots and civil commotions – as per the conditions of Institute’s Strike Clauses (Cargo) – 1.1.09;
Damages, occurred during loading and unloading operations;
Breakages, due to the nature of the load, for fragile loads;
Deterioration as a result of refrigerating installation malfunction for loads, transported by refrigerating vehicles;
Other specific risks.
The insurance sum is determined based on the invoice value. As per requirement by the insured person, the invoice value can be increased by up to 10% that will cover loss of profit in the case of potential occurrence of insured event.
The premium paid, as per the insurance, depends on the coverage type, destination, transport type /rail, road, marine, combined, air/, by the load’s value and its packaging.
Usually, the period of the insurance starts from the moment the cargo is loaded until it reaches its final destination, but not more than 60 days from loading. For additional premium, the loading and unloading operations can also be insured.
The insurance cover reaches over all or specified cargo types of the insured person and is concluded for a specified period. The selection of a subscription provides various advantages to the insured individual:
lighter regime for preparation of the insurance documents;
preliminary risk acceptance by the insurer;
preliminary negotiation of the insurance terms and conditions;
preferential tariffs, allowing the application of discounts;
convenient insurance premium payment schemes.
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