Please, open and review the
Marine Cargo Insurance Policy (you will need to have a PDF
Adobe Acrobat Reader or any other PDF reader).
covered in Marine Cargo Insurance Policy:
1. Terms & Conditions of Ocean Marine Insurance & Inland Marine
2. Conditions for Domestic Transport Insurance - pages
3. AIMU S.R. & C.C. Endorsement - pages 17-18.
4. Commodities List - pages 19-23.
5. Special Insuring Conditions for household goods and vehicles - page 24.
6. War Risk Policy - pages 25-27.
We realize it's a lot of information to absorb so
here's a quick GUIDELINE on most important parts
of the Policy.
INSURABLE INTEREST: You
must have an interest in cargo meaning that you must be
either owner, seller / buyer, shipper / receiver of the
goods in transit. Instructions to insure the shipment
must be done prior to shipment departure or prior to any
known or reported loss or incident.
SHORE COVERAGE: Your cargo is insured while it's
on land (at the pier, dock, wharf, etc.) waiting to be
loaded on ocean vessel or aircraft.
CONTAINER SHIPMENTS: Goods and merchandise
shipped in containers, or flat racks, or trailers is
insured subject to UNDER DECK terms. It doesn't matter
if such goods are stowed under- and/or on-deck as long
as the carrier issues an UNDER-DECK Bill of Lading. Most
of the container carriers will provide an under-deck
bill of lading due to the provisions that goods stowed
on-deck are considered or deemed stowed under-deck.
MARINE EXTENSION: The coverage begins as soon as
the shipment leaves the warehouse/store/location at the
place of origin and continues until the shipment reaches
the warehouse/store/location at the place of
destination. Goods must reach their final destination
within 15 days of the discharge from the vessel at the
port of destination. For CIS and Africa countries the
coverage stops as soon as the cargo is offloaded from
the ship/aircraft at the port of arrival. Insurance will
not cover any losses or damages caused by carrier DELAYS
or INHERENT VICE of cargo.
CONTROL OF DAMAGED MERCHANDISE: It is understood
and agreed that in case of damage to goods the Assured
is to retain control of all damaged goods.
PARTIAL LOSS: The insurance will replace the
value of the damaged portion of the goods and not the
whole shipment unless total loss is reported.
RETURNED OR REFUSED SHIPMENTS: This policy
specifically covers the return trip of the cargo in case
the consignee or assured refused to accept the delivery.
NON-DELIVERY AND SHORTAGE: In the case the goods
are overdue and unaccounted for for the period of 30
days they will be considered lost and Assured can
recover under this policy. Claims for Shortages caused
by theft, pilferage and non-delivery must be supported
by documentary evidence.
INSUFFICIENCY OF PACKING: If the claim is made
for loss or damage caused by insufficient or unsuitable
packing or preparation carried our by a 3rd party the
underwriters agree not use it as a defense against the
claim. This is very important because most of other
cargo insurance companies will deny any claim due to improper
packaging. However, you should use extreme care in
selecting professional packers. Assured agrees to assist
underwriters to pursue rights of recovery against seller
and/or other responsible parties.
NOTICE OF LOSS: The Assured must report every
loss and damage that may become a claim as soon as may
be practical after it becomes known. Failure to report
loss or damage promptly shall invalidate any claim under
this Policy. For the claims procedures and required
documents, please, study our
CARGO INSURANCE CLAIMS
WAR RISK: This policy protects your cargo against
the risk of capture, seizure, destruction or damage by
men-of-war, piracy, arrests, restrains, and other