Cargo insurance

The vast majority of foreign trade is done by sea. Therefore, insurance of foreign economic activity is considered through the marine insurance contracts.

The marine insurance includes:

- Insurance of vessels (hull and rigging of vessels).

The main factors in fixing the terms of the contract for insurance of goods are vessel type (bulk cargo ship, tanker, refrigerator, ro-ro or others) and its parameters.

- Insurance of cargo in containers.

Since sea container is the standard reusable equipment – it provides an opportunity to carry out multimodal delivery using various modes of transport. Moreover, container protects the cargo from external factors throughout all the period of carriage.

In general, insuring companies are loyal enough in point of such insurance, taking into account the following positive aspects of liner shipping:

  • • predictability of route;
  • • operating age of vessels in liner shipping is generally lower than in tramp shipping;
  • • additional control of cargo safety in the port, customs areas, during inland transit carriage;
  • • presence of seals;
  • • extensive network of surveyor in seaports enables rapid inspection of the damaged cargo;
  • • clear procedure for implementation the regressive rights of legal claims to maritime carrier.

- Insurance of ship owner’s liability.

The following information is required for your cargo insurance:

  • • Weight and description of your goods, packaging, quantity;
  • • Dates of issue and numbers of all transport documentation;
  • • Type of vehicle used for delivery;
  • • Mode of shipment;
  • • Place of cargo dispatching, trans-loading and discharging of goods;
  • • Date of cargo dispatching;
  • • The amount of compensation.

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