CARGO insurance

It is designed to protect the property interests of the owners of transported goods or the persons bearing material liability and provides insurance coverage for total or partial damage to the goods, as well as incurred transportation costs.

What is insured?

The object of CARGO insurance is all types of cargo: goods, articles, belongings, valuables, natural resources, livestock and foodstuff, and related material interests. Postal parcels, passenger items, and luggage transported by vehicles are not insured. The insurance liability covers:

• The value of the cargo;
• Transportation costs (freight);
• The insurance premium;
• Expected profit;
• Customs duty, etc.

Insured under CARGO insurance can be legal entities or natural persons who want to protect their material interests related to the transported goods. The insurance can also be taken out by an entity other than the owner of the goods, provided that it is directly related to the process of transportation (distributor, forwarder, etc.) of the goods subject to CARGO insurance, and that the policy is concluded in favor of a third party, which in this case will be the owner.

Territorial scope of coverage

The insurance is valid worldwide.

What risks are covered by the insurance?

CARGO insurance can offer many options for insurance protection - from minimum coverage to the inclusion of special clauses. This depends on the Insured’s wish and the premium he is willing to pay, as well as on the evaluation of the Insurer. In determining the scope of coverage, the Insurer shall take into account the risk assessment based on the information provided to him about the customer, the transport company, cargo, route, and conditions of transportation/packaging, temperature control, humidity, specific requirements for the carriage of goods and suchlike.

ЗInsurance Company Lev Ins provides insurance protection according to the best known and applied CARGO clauses on the international insurance market:

Institute Cargo Clauses /А/ - 1.1.82 or Institute Cargo Clauses / A / - Full Cover.

The Institute's Cargo Clause (A) provides the widest range of coverage, with the exception of those risks listed as excluded in the clause and in the General Terms and Conditions. The Cargo Clause / A / covers all risks during transportation, such as:

• complete or partial loss of the cargo;
• complete or partial damage to the cargo;
• breaking, crushing, scattering, etc.

Covered are the costs of general average and salvage expenses, adjusted or determined according to the contract of carriage or under the issued average statement.

Under this clause generally, all types of cargo are insured, but only if packed in cases, bags, boxes, cartons, and other types of packaging. Bulk cargo transported in tankers and/or road and rail tanks, or other specialized containers are not insured.

Institute Cargo Clauses /В/ - 1.1.82 Institute Cargo Clauses / В / - Limited Cover

Institute Cargo Clauses /С/ - 1.1.82 Institute Cargo Clauses / В / - Minimum Cover.

These two clauses provide more limited insurance protection, covering cargo losses and damages, either total or partial, as a result of certain risks listed in the clauses. The difference between Clauses / B / and / C / is in the number of risks covered. Under these clauses usually bulk cargo transported in tankers and/or road and rail tanks or other specialized containers is insured. The excluded risks are the same as in Clause / A /.

The Clauses / A /, / B / and / C / do not cover military risks and strikes. These risks are additionally covered at the request of the client under the terms and conditions of Institute War Clauses / Cargo / - 1.1.82, Institute Strikes Clauses / Cargo / - 1.1.82, after obtaining permission from the Head Office and against payment of an additional premium. The military clauses do not cover the risks of "armed robbery" and "piracy".

Price

The insurance premium is determined according to the current tariff of the company /reduced with the due discounts/. The insurance premium can be paid once or in installments, depending on the client's wishes.

 

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