With insurance of goods in transit – cargo, the insured subject matter comprises goods and/or particular interests exposed to transportation risks.
The aim of goods in transit insurance is to provide cover to the Insured whose goods is exposed to various perils and undesirable events during various types of transport, such as: maritime, river, rail, truck, pipeline, air cargo, post office..
Goods may be insured in both international and domestic transportation:
- international cargo insurance comprises insurance of goods while imported, exported and re-exported;
- insurance of domestic cargo comprises insurance of transport of goods where both departure and destination point is located within the borders of Serbia and which is transported under a domestic transport document.
Cargo insurance is most often effected for a particular voyage, not for a time period. Insurance contract most often lasts „from warehouse to warehouse“ or from „loading to unloading“, including regular storages on the way.
Depending on specific needs of the client, we are flexible in creating various modes of insurance cover.
Depending on the requirements of the Insured, goods in transit may be covered against the following:
- standard perils: traffic accident, natural catastrophe, fire, explosion…;
- all transportation risks (Against All Risks – AAR): standard risks + operating risks (breakage, tearing of packaging, denture, peeling, scratches and deformations of objects, smell, contact with other goods, waste of unpacked and bulk goods, wetting, rust, oxidation), theft + malicious and unlawful acts of third parties;
- special risks related to specific nature of goods;
- war and political risks.
Depending on particular occurrence, the consignments may be insured according to the Institute Cargo Clauses as well.
Insurance of domestic cargo can be concluded under individual or group insurance contract.
- When concluding the individual insurance contract, the insurance policies are issued for one travel along a particular route, and insurance premium depends on agreed scope of cover and assessment of elements of risk inherent for goods in transit.
- In case the insurance is agreed under general insurance contract, the so called General Transportation Policies are concluded and issued for an indefinite period of time (valid until cancelled) and the insurance premium is calculated in defined time intervals (most often monthly statement), based on declared transportation of goods.
Insurance of international cargo may be effected:
- Under individual policies,
- Under open cover contract, signed by and between the Insurer and Insured for an indefinite period with agreed cancellation period. This contract covers all consignments of the Insured in all types of international transportation (maritime, river, rail, truck, air etc.).