Description
Acquisition

In cargo insurance the object is:
- cargo itself;
- freight and other charges for goods delivery to the place of destination;

The scope of liability is identified on the mutual agreement between the Underwriter and Insurant.
Cargo Insurance contract can be executed on the base of the following terms:
- liability for all the risks;
- liability for partial or total loss of the goods;
- liability only for total loss of the insured goods.
Sums of insurance are established separately for each lot. The insurance sum is identified according to the invoice or another document provided by the Insurant that proves the actual cost of the goods.
The insurance period is identified according to the Parties agreement and as a rule it doesn’t exceeds the reasonable time of freight.

GENERAL POLICY

The permanent carriers are offered to execute a General policy of cargo insurance. Signing the General Policy the Insurer pays for the initial payment of insurance premium (deposit analogue) that is not outlaid by the Underwriter for coverage of the insurance premium up to the termination of the General Policy. Then the GP enters into force and covers all the freight volume that is conducted by the Insurer and insured by the GP. In the end of each insurance month the Insurer provides the report on the conducted freights in the form of bordereau including the routes, dates of transportations, insurance sums, etc. On the ground of this information the amount of insurance premium is calculated according to the insurance tariff rates specified in General Policy.
This scheme allows facilitating the circulation of documents between Insurer and Underwriter.