The cargo insurance guarantees any damages and losses of load caused by insurance accidents arisen at the time of temporary preservation in any warehouse while being transported by rail or sea, vehicle, air transportation during the period of time specified in the agreement.
This insurance covers losses and damages of load caused as a result of the incident and the related costs. The amount of the loss or damage and expenses, events or exceptions that are included in insurance, shall be determined in accordance with special conditions attached to certificate of insurance.
Within the terms of the insurance certificate, damage and loss caused as a result of the following events are included in the provision of insurance:
- Wholly or partly suffering of insured goods by the storm, the sank of ship, touching the shore or sand on the ground;
- Throwing goods to the sea because of fit land of ship, shock, move, touching to a substance (ice included);
- Fire, explosion;
- Drop one or several bundles at the time of discharge and loading (reload).
The insurance payment is determined on the basis of the information submitted in the form of proposal. The amount of the insurance fee can range from 0.25 % - 0.95 % of the portion. The estimated rate of deductible can be from 0.5% up to 10% of the insurance sum. It is also necessary to take into account that if there is a high deductible, the insurance payment will be low.