CARGO INSURANCE
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Cargo insurance covers the risks that may arise during the transport of a cargo with public transport, whether it concerns exports or imports or internal traffic.
Depending on the agreement that will be made between the buyer and the seller, one of the two is obliged to insure the goods. When a commodity is insured by the exporter with freight paid the export is designated as C.I.F. (cost, insurance, freight), while without the freight C.I. (cost & insurance).
In your case where the value of the goods is not paid in advance, you have an interest in insuring your goods yourself in order to be compensated by your own Insurance Company.
Covered risks
In cargo insurance there are two basic categories (clauses) of insurance that apply internationally and cover the goods as follows:
Clause A: All risks that may arise during the transport of the goods due to an extraordinary event and which may affect the quantity or quality of the goods are covered. Indicatively, losses are covered by:
Impact, collision, rollover, fire, theft, malicious act, piracy, earthquake, explosion, lightning, etc. except for risks expressly excluded by the clause or contract.
War damage coverage (for sea voyages only), strikes, terrorist damage can also be agreed with an additional premium.
Especially for fruit, quality deterioration resulting from a continuous interruption due to a failure of the refrigeration machine for 10 or 8 hours is covered. The defect resulting from the nature of the goods, improper packaging, storage and interruption of refrigerant is not covered. In general, the poor quality of the product without a cause (e.g. coolant interruption) is not covered.
Clause B: Damages caused by impact, collision, overturning, fire, etc. are covered.
Basic exclusions of the contract e.g. is the insured’s fraud, the normal wear and tear of the goods, improper packaging and storage, etc.
DAMAGE
In the event that the goods are received with damage caused during transport and covered by the insurance policy, the consignee must make a note on the bill of lading to be signed by the driver of the vehicle and the transport company.
The insured sends a damage notification and the Insurance Company, depending on the type and amount of the damage, commissions an expert to assess the damage.
Then the relevant protest is submitted to the forwarding / transport company and the remaining supporting documents are collected to complete the damage file.
