Individuals’ Cargo Insurance

Under the insurance agreement there can be insured:

The Insured’s property interests related to possession, use and disposal of cargo.

The insurance agreement is concluded by the following condition:

"With responsibility for all risks” which covers:

- all losses from damage or total loss of all or part of the cargo;

- losses, expenses and contributions by general average;

- all necessary and appropriately made expenses for saving cargo, minimizing loss and defining its amount.

 

The damage is reimbursed in the following order:

- in case of total loss (destruction) of cargo - as insurance amount minus deductible;

- in case of damage (loss of part) of cargo – as share of insurance amount proportional to the value of lost cargo to the value of the whole cargo minus deductible;

- the cost of repairing damaged cargo if it does not exceed the amount of insurance indemnity;

Expenses that are subject to reimbursement under insurance terms are paid by the Company when paying insurance indemnity.