Cargo insurance

Cargo insurance is a type of insurance intended to protect the value of goods or cargo transported by trucks, ships, planes or other means of transport in case of loss, damage or other risks during transportation.

Purpose:

Provide financial protection for the owner of the goods or cargo in case of unforeseen events, such as vehicle accidents, thefts, fires, or natural disasters that may lead to loss or damage to the cargo. The insurance company undertakes to pay appropriate compensation in case of such events, in accordance with the terms of the insurance contract.

Who can enter into a cargo insurance contract?

An insurance contract can be concluded by both legal entities and individuals who own, use, or dispose of the cargo.

What can be insured?

All categories of cargo transported in compliance with established norms and rules:

  • general cargoes (container and artificial cargoes);
  • cargo tanks;
  • cargo and bulk, piling;
  • parcel loads;
  • cargo express cars;
  • cash and valuables;
  • exhibits.

What risks are covered?

Depending on the risks covered, there are three main types of cargo insurance on the insurance market: ICC "A", ICC "B" and ICC "C".

ISS "A" - with responsibility for all risks:

  • Compensation for damage/destruction of cargo for any reason;
  • Damages, costs and contributions and accidents;
  • Expenses for saving the cargo, reducing the amount of damage and determination of its size.

ISS "B" - with responsibility for a partial accident

Damages due to the loss of the entire cargo or part of the body due to the following cases are subject to compensation:

  • explosion, fire;
  • grounding of a vessel, beaching, flooding, vehicle overturning;
  • overturning and detouring of ground vehicles;
  • collision of the vehicle with a foreign object (except water);
  • unloading at the storage place;
  • earthquake, lightning strike, volcanic eruption, bridge collapse;
  • damage to the ship by ice, as well as expenses for saving the cargo;
  • extinguishing fires;
  • Disappearance of transport vehicles;
  • accidents (accidents) during loading, stacking, unloading cargo;
  • while receiving fuel by means of transport;
  • Damages due to washing away with water or spillage of deck cargo;
  • Damages as a result of the penetration of sea, river, and lake water on vehicles;
  • container, extraction and storage space;
  • Damages, costs and contributions and accidents;
  • Expenses for saving the cargo, reducing the amount of damage and determining its size.

ISS "C" - without responsibility for damage, except in the event of an accident

Damages due to the loss of the entire cargo or part of the body due to the following cases are subject to compensation:

  • Fire, explosion;
  • Grounding of the vessel, beaching, flooding, overturning of vehicles;
  • Overturning and detouring of ground vehicles;
  • Collision of the vehicle with a foreign object (except water);
  • Unloading at the storage place;
  • Damages, costs and contributions and accidents;
  • Expenses for cargo salvage, damage reduction and determination of its size.

IC AXIOMA can, according to your requirements and wishes, select other risks especially for you, for example:

  1. Military risks: Risk of cargo damage and loss during military operations or conflicts, including bombing, shelling, etc.
  2. FLEXA risk — fire, lightning, explosion, plane crash. Separately, insurers can offer coverage against additional risks: floods, earthquakes, military risks, terrorism, and others. Companies often insure their industrial property against business interruption (BI). Combined with basic coverage (PD+BI), this means full insurance coverage.
  3. GAFTA INSURANCE RISK - ACCORDING TO THE INTERNATIONAL GRAIN AND FEED TRADE ASSOCIATION. The seller is obliged to insure at his own expense the insurance of the cargo against loss, damage or expenses as a result of maritime dangers, war, fire, piracy, arrest or detention of the vessel, baratry, theft and any other similar losses. The list of risks covered by insurance is determined by the parties in the purchase and sale agreement, which must contain a reference to the disclaimer.
  4. HSSC risk - Losses incurred in connection with damage or loss of the Cargo due to self-heating, fogging or self-ignition are subject to compensation, provided that during loading the condition of the Cargo will be monitored by an independent surveyor appointed by the Insurer, who, depending on the type of Cargo, is officially accredited by the International Association of Grain and Feed Trade (hereinafter - GAFTA) or Fe deration and association of trade in oil crops, seeds and fats ( hereinafter - FOSFA) depending on the type of Cargo.

The size of the insurance payment depends on:

  • types (nomenclature) of goods;
  • type of transport used for transportation;
  • distance and route of transportation;
  • insurance conditions;
  • franchise size;
  • quantity of cargo accepted for insurance and quantity of transportation (single or general insurance contract);
  • cargo escort conditions (forwarding, security, survey);
  • other factors that are important when determining the degree of insurance risk.

What is the territory of the contract?

In the direction or within the cargo transportation route.

What is the term of the contract?

  • a one-time insurance contract is valid only during one cargo transportation;
  • general agreement valid for 1 year during multiple transportations.

Why is it necessary to insure cargo with IC AXIOMA?

Cargo insurance with IC AXIOMA is an important and smart investment for those involved in logistics and transportation of goods, it will help ensure the protection of your business and has the potential to save you significant money in the future.

Cooperation with IC AXIOMA will allow you to focus on your main activity, without spending time and effort on searching for and choosing insurance coverage. IC AXIOMA has access to various insurance companies and products, which will allow you to provide professional advice, compare and find the best coverage for your specific cargo, and you can find all purchased insurance policies in your personal cabinet on the IC AXIOMA website, which you will have access to 24/7. And in the event of an insurance event, IC AXIOMA will provide you with support and assistance in the processes of regulation and obtaining insurance compensation.

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