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 procedure for insurance indemnity payment:

Damages, destruction (loss) of cargo within the framework of agreement are reimbursed in the following order:

  1. a) in case of the total loss (destruction) of all or part of the cargo - in the amount of the damage suffered by the Insured but no more than the insurance amount.
  2. b) in case of damage to all or part of the cargo - in the amount of recovery costs but no more than the insurance amount.

Recovery costs include the following:

  1. a) expenses for supplies and spare parts for repair (restoration);
  2. b) expenses for repair work;
  3. c) expenses for the delivery of supplies to the repair site and other expenses necessary to restore the insured cargo to the state it was right before the insurance event occurrence.