Cargo insurance protects the owner of the goods against financial risks, such as loss, theft or other damage to the owner of the goods. This insurance covers any new or used type of transported asset, where liability is borne by the cargo owner and/or the carrier designated by the cargo owner. It is intended for local and international transportation.
provides insurance coverage from the moment of loading a cargo until it is unloaded in the warehouse or other place of final destination;
indemnify all losses except for exceptions specified;
the ICC (A) conditions apply (Institute Cargo Clauses);
valid for various modes of transportation (air, water, and land transport including railways and road);
covers not only one-off shipping but also cargo flows throughout a year.
the complete protection for the cargo owner – the goods are insured for the full actual value of the cargo;
the goods will be covered by the insurance up to the final destination for the full actual value of the cargo and not limited to the existing laws and international conventions governing the liability of the carrier;
broad form insurance coverage (natural disasters, accidents, robbery, theft, uploading, unloading and reloading, temporary storage);
possibility to increase the value of insured cargo by the costs subject to customs duties, VAT and 10% profit (added to the total value of insured cargo);
insurance may also cover both new and used products;
covers all modes of transportation – sea, road, rail, and air;
possibility to take out exhibitions insurance (return transportation);
faster processing and administration of insurance claims than trying to recover losses from the party bearing liability for it.
manufacturers and traders;
importers and exporters of goods;
carriers and forwarding agents when the beneficiary is the owner of the cargo.
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