Cargo insurance (or cargo transportation insurance) is a policy contract to cover merchandise and goods belonging to an owner. This insurance practically covers all the major risks associated with the cargo transported, whether by sea, land or air.
There are specific insurances for the Shipper (cargo owner), i.e., Domestic Transportation insurance and International Transportation insurance (import and export), and also Liability insurances for the Carrier (responsible for transportation), which may vary depending on the mode of transportation used.
The main covers are divided into basic covers (Broad Cover A and Restrictive Covers B or C) and additional covers, which are broken down into particular specifications, i.e., for the different types of risk, cargo, route and merchandise, all defined by SUSEP.
Yes. It is possible to insure consequential damage, such as project Business Interruption (Delay in Start-up), and third-party liability. Expected profits from merchandise for resale may also be insured.
Yes. In addition to Trucker’s Liability insurance (RCTR-C), Inland Transit insurance for shippers also is mandatory.
These are International Trade Terms, which specify the duties and obligations of exporters and importers, as sellers and buyers, and define the place of transfer of title of the cargo. The use of Incoterms is a procedure to be followed, and it should be agreed between the parties to the international purchase and sale agreement.
General Average includes all damage deliberately caused to cargo in imminent danger, and results from measures taken by the captain of the vessel with the intent of preventing a worse outcome like, for instance, shipwreck. Once general average is declared by the competent authorities, the expenses are proportionately prorated among the stakeholders (the shipowner and cargo owners ).
These extraordinary expenses are covered under international transportation insurance, which is another reason for contracting this insurance.
The basic documents required vary according to the type of insurance. CredRisk Marine makes available to its clients a list of the necessary documents in accordance with the requirements contained in the policy clauses.
The legal time period for loss indemnity payments is 30 days after all the required documentation has been completed. Eventually, the Insurer may request further documents for adjustment and payment of the amount due.
Yes, pursuant to the parameters of Law 9307/96. For arbitration to be effective, the adhering party (Insured) must take the initiative to call for the arbitration proceedings or expressly agree thereto, in writing in an attached document or in bold, with his/her signature specifically for such clause (Art. 3, Paragraph 2 of Law 9307/96).