ADVANTAGES OF THE CARGO INSURANCE
This service is covering transfer by air, sea, road or rail. Thanks to this insurance, the following aspects are covered:
ALL-RISKS INSURANCE
This coverage offers an extended protection against damages and losses caused by external factors. However, despite the “All-risks” name, you must know the included and excluded aspects of the contract. This insurance covers your goods against:
- Damages caused by an inappropriate packing
- Cargo desertion
- Infection
- Customs reject
- Dishonest employee
FREE OF CHARGE COVERAGE (RELATED TO MARINE INSURANCE)
The coverage clause “free of charge” excludes the coverage of partial losses on the cargo, except those that results of the grounding, the break down, the combustion or the collision. Another important aspect is that the shipper doesn’t pay for the minor losses (percentage determined at the beginning) and can be liable only in major cargo losses case. This coverage belongs to a special category and covers only precise risks. There is a difference of coverage depending on the warehousing place.
Here are the risks included in this policy :
- Collision
- Delays
- Derailment
- No delivery
- Theft
- Fire
- Earthquake
GENERAL AVERAGE COVERAGE
This coverage is a staple requirement for ocean freight. More precisely, it only covers a partial loss of the shipment. This requires that all the other shipment owners pay amenities to the proprietor of the lost cargo. The value amount is shared proportionally to the value of other cargos onboard, so other owners that are possessing goods on the vessel will pay a part of the missing one.
WAREHOUSING COVERAGE
The contract is applicable when the shipment is discharged of the vessel and transported to the client’s warehouse. Insurers will only compensate for the insured cargo, and not for cargo of other proprietors.