CARGO INSURANCE
Cargo insurance is a contract taken to protect against loss of or damage to your goods while they are being transported. The insured will be indemnify if there is any loss or damage to the goods. Cargo insurance would cover the goods while they are being transported over sea, air and land.
The most common types of coverage are:
Institute Cargo Clause C, it is the most limited coverage, it covers losses or damages as a consequence of fire or explosion, vessel or craft stranded, sunk, capsized, land conveyance overturned or derailed, collision, discharge of cargo at port of distress, general average, Jettison.
This clause is suited for big machinery, used machinery, used tires, and similar.
Supplementary risk cover can be added e.g. theft.
Institute Cargo Clause A or All risk, it is well known that "All Risks" does not mean "all losses", but only losses caused by "fortuitous" conditions from external causes by accidental circumstances. It excludes for example: ordinary wear and tear, inherent defects, intentionally caused losses and naturally occurring losses.
The standard practice is to cover the invoice cost plus freight plus a percentage to cover other expenses.
In our country, the insurance companies offering this kind of coverage are: Pacífico, MAPFRE, Rímac and La Positiva.
The deductible is usually 10% of the insured amount and the minimum premium is normally US$30.00
Nathaly Gonzales.
Economist.
International cargo insurance.
Broker.
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