CARGO INSURANCE: MARINE, TRUCK, AIR
The same way it makes sense to cover your goods when they are at the warehouse or factory, they should be covered when they are in transit at risk of damage or loss.
Our cargo insurance covers adapt to the different kind of business involved in national and international trade. The comprehensive programs provide solutions for manufacturers, traders, importers, exporters, logistics and forwarding companies, exhibitors at trade fairs, and more.
Cargo insurance can be done on a shipment by shipment basis or under a global policy which covers all the shipments which meet the conditions and terms agreed under the policy wording under an umbrella policy.
Types according to the level of coverage:
– All- risk policies. These cover everything expect certain listed exclusions. In international insurance terms, they are usually defined as ICC (Institute Cargo Clauses).
– Named Perils. These define and list the insured risks. They do not cover all risk and certain important risks such as theft may be out of cover, so they should be used carefully. They may be included with average policies or not.
Some of the most current exclusions may be: Acts of war, strikes, riots, terrorism, criminal actions, defects in the vessel, the hull or machine, and acts of God (earthquake, hurricanes, etc.). Some exclusions can be dealt with through the Insurers.
Cargo insurance can cover:
– Goods: When travelling, being property of the transport as well as owners, beneficiaries or holders.
– The hull, vehicles and means of transportation: boats, aircraft, freight, cars or train engine, trucks and vans.
Areas of cargo insurance:
– Land or ground transportation: by truck, van or train.
– Marine insurance (sea, river or lake): by boat, platforms and other aquatic means of transport.
– Air or space: usually by plane, aircraft or other air means of transportation.
– Multimodal: covering several or all of the former areas. Usually the goods in transit move through several of them, and an insurance cover may be “door to door”, from the exporter’s place to the seller’s.
The terms of sale in international trade are defined as INCOTERMS and are a common standard vocabulary incorporated to sales contracts worldwide in order to define the limits of duty, property and/or liability in an international trade business.
They were first published in 1936 by the International Chamber of Commerce (ICC) and have been periodically updated since then.
The following are the main INCOTERMS groups:
EXW or Ex Works: transfer of goods and risks caused when leaving the vendor’s installations.
FOB or Free on Board: delivery that takes place in the agreed upon port (this group contains FCA, CIF, CFR and FAS)
DDP or Delivery Duty Paid: delivery of goods to the agreed upon place of destination once customs are cleared. This group also contains DAF, DES, DEQ, DDU or DDP.
The following types are the most common:
Insurance for hulls
This covers ships, boats or floating platforms. It is also important to clearly define the liability insurance for the owner of the vessel, the captain and crew.
FLEET CAR, VAN OR TRUCK INSURANCE
This insurance saves your business time and money by managing a group of vehicles under the best terms and conditions. They can be under one single policy with specially designed cover.
These products can be flexible and with different features according to the specific needs of our clients.
Our team have extensive experience in managing fleets of vehicles.
CARGO INSURANCE FOR IMPORTERS , EXPORTERS AND INFRASTRUCTURE PROJECTS
We can provide both global policies or local cargo insurance policies if required, with an integral protection to goods in transit .
We are experts in covering the risks linked to international trade and managing international projects worldwide.
CARGO INSURANCE FOR FREIGHT FORWARDERS
We are experts in serving the special insurance needs of freight forwarders , logistics and transportation industry. We have extensive experience in international trade.
YACHT, SPORT AND TOURISM MARINE INSURANCE
Coverage for hulls with similar coverage to the coverage of ships including damage and liability insurance. Additionally, there is a basic coverage and a flexible protection with bespoke policies at different prices.
The insurance can be made for professionals or private users. We offer all-risk policies with few restrictions on navigation limits.