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Economics
4. Cargo insurance
policy
Einstein
Content of presentation
1. Insured interest
2. The risks insured
3. Exclusions
4. Sum insured
5. Types of contracts and period of insurance
1. Insured interest
What goods can be insured?
- all the goods that are being transported, e.g. raw materials, work
in progress, finished goods, equipment beeing brought to be
installed.
- the intermediary storage necessary during the transport can be
covered.
Who is making the insurance?
The owner of the goods, according to INCOTERMS or any other
person who has an insurable interest (e.g. a bank).
The carrier or forwarder can make their own insurance:
Carriers Liability or Forwarders Liability.
In some cases the owner of the goods impose to the forwarder
or transporter to cover all the risks related to goods. This
situation is atypical.
3. Exclusions
Major exclusions
loss, damage or expense attributable to wilful misconduct of the
Assured
ordinary leakage, ordinary loss in weight or volume, or ordinary
wear and tear of the subject-matter insured
loss damage or expense caused by insufficiency or unsuitability of
packing or preparation of the subject-matter insured
loss damage or expense caused by inherent vice or nature of the
subject-matter insured
3. Exclusions (continued)
Special Exclusions
Theft / pilferage, non delivery - risks excluded in under clauses ICC
B and ICC C.
War risks
Strike , Riot and Civil Commotion
Terrorism
4. Sum insured
Production value or invoice value
In addition to this value the following expenses can be insured:
+ cost of transport (freight)
+ duty, VAT and other expenses
+ the insurance premium
+ over-insurance up to 10 % from the value of the goods (this item
covers other unforeseen expenses proved by documents and not
the expected profit.)
7. Currency
Payment of premium
Payment of indemnities
in ROL /RON)
in ROL/RON
in hard currency
8. Claims procedure
To inspect the cargo at destination. All the loss or damages
observed at arrival must be written into the transport documents.
To collect all the documents relevant for the claim and which prove
the extent of loss and other expenses. To send them to insurer.
Thank you!