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Goods-in Transit (Cargo)

What is this type of insurance?

During transport, the transported cargo is exposed to risks that depend on the type of transport, such as collision during sea transport, derailment, theft, etc. Under "Freight insurance during transport", also known as "Cargo" insurance, the object of insurance can be any goods and goods transported from point to point around the world and with any type of vehicle under a contract of carriage. . This type of insurance protects the insurance interest of manufacturers, shippers, importers and exporters or other parties who have an insurance interest in the transported cargo. The goods transported by all types of vehicles are subject to insurance under the following restrictions:

  • be manufactured for the purpose of transporting goods;
  • to be means of public transport, and the carrier to be a carrier by occupation.

What does the insurance cover?

Cargo insurance covers damage or loss of cargo caused by specific risks during transport, such as risks arising from the vehicle itself, from the actions of the participants in the transport, from external force majeure or from third parties. The liability of the insurer extends not only to the value of the object, but also to the transport costs (freight), the paid insurance premiums, the expected profit, the duty, etc.

The object of "Cargo" insurance can be all cargoes, subject of import, export or re-export, such as: raw materials, goods, semi-finished products, fuels, minerals, objects, things, animals, valuables, etc. and related material interests carried by rail, by vessels, aircraft, motor vehicles, or a combination thereof. The cargoes are insured by pieces, parcels, connections, crates or other counting units, and in the case of cargoes transported in bulk or in bulk - by weight units.

"Cargo" insurances are unified according to the original London clauses, the so-called "Institute cargo clauses". They are internationally accepted and are the same all over the world.

Institute Air Clauses Air 1/1/09 is used for air transport. All risks except those expressly excluded.