Cargo insurance during transportation

Cargo insurance

This is one of the important types of property insurance to protect it from damage or loss during transportation. In Ukraine, this area is developing steadily. The issued policy is beneficial to the sender, deliveryman and insurer.

Often it is mandatory when entering into an agreement with shipping companies, especially if they are large and reputable firms. In this case, the owner will be able to compensate for the loss of his property in case of unforeseen situations: natural disasters, crash or accident, trouble during loading and unloading and transportation itself. Carriers and forwarders who have an insurance contract will also protect themselves from many problems.

In the international practice, there are so-called Reservations of the Institute of Insurers from London. These are the rules indicated by the first three letters of the English alphabet. They differ in the degree of coverage of various risks. Maximum protection offers

Disclaimer A . The other two allow the insurance to make payments only upon the occurrence of certain, most common cases.

How to apply?

As with conventional insurance, you need to contact the company that provides these services or agents. One-time insurance is available, but if necessary, you can conclude an agreement on an ongoing basis. On the Internet, you should first study the offers of companies offering services and make an initial calculation. The policy is also issued via the Internet. In this case, the check for payment will be sent by e-mail. And the client will receive the policy in his personal account.

It is important that the contract contains all the details of the insurer, a description of the cargo itself, the period of the policy, a route, a detailed description of the vehicle with the exact data of the carrier, the name of all risks, and the amount of insurance. You need to fill in the paper carefully and correctly. They, as well as issued invoices and route receipts, must be carefully stored.

How much does it cost?

Cost usually depends on a few points. For example, insurance that covers all risks will be significantly more expensive than that which applies only to certain points.
The category of cargo will affect the price, as well as its characteristics such as weight or volume, packaging features. The route itself is also important in this case: the availability of logistic interchanges, the availability of stops, and the time spent on the journey. Express delivery insurance is more expensive. As well as the use of a special vehicle for transportation: the truck may be with an awning or with a closed compartment, a refrigerator may be present. All these points need negotiation with the insurance prior to signing any agreements. It is possible to consider individual customer conditions.

Carrier Responsibility

Т a transport company, especially specializing in container transportation, can additionally conclude an agreement cargo insurance of its liability for the performance of the work. This option covers damage in case of damage or loss of cargo accepted for transportation, as well as to compensate for troubles caused to other people. If, for example, an oversized load caused harm to human health or his property in the fall. At the expense of insurance, in this case, the losses of container owners are also paid.
Freight forwarders accompanying transportation can issue such a policy to minimize losses due to violation of the delivery time for various reasons, for example, due to errors in the documentation for transportation.

Eastern European Express international shipping .