CARGO – Goods in Transit Insurance

You have searched for the optimum solution for the transportation of your goods and now you are searching for the optimum insurance policy, tailor-made for the transport risks.

The CARGO policy is a complex and modular insurance product that allows you to select the appropriate package, according to your needs. It offers a series of insurance conditions, as well as special clauses.

What risks does type A cluase cover? 

  • The risks of loss and damaging of the insured goods;
  • The expenses and contribution to the general (common)damage and/or the rescue expenses bore by the Insured Party, set according to the charter contract and/or the applicable law, if the respective expenses were made for or in relation to the removal of losses caused by any event;
  • The sum representing the liability percentage, according to the “both-to-blame” collision clause, if the clause is included in the charter contract. If the owner of the vessel, according to the both-to-blame collision clause, requests the payment of indemnities, the Insured Party agrees to notify the Insurer, the latter being entitled, independently and at his expense, to defend the Insured Party against such claim.

 What risks does type B cluase cover? 

This clause covers the risks of loss or damaging of the insured goods, caused by:

  • Fire or explosion;
  • The failure, sinking or the capsize of a vessel or boat;
  • The overturning or derailing of the terrestrial means of transportation;
  • The collision or contact of the vessel, boat or terrestrial means of transportation with an exterior object, other than water;
  • The unloading of the freight in a refuge harbor;
  • Earthquake, volcanic eruption or lightning bolt;
  • The sacrifice in common damaging;
  • The entry of sea, lake or river water into the vessel, the belly, boat, transportation means, container or depositing space;
  • The total damage of a package lost overboard or fallen during the loading or unloading operation, on and from the vessel, boat or any other means of transportation;
  • The expenses and contribution to the common damage and/or the rescue expenses bore by the Insured Party, set according to the charter contract and/or applicable law, if they were made for or in relation to the removal of losses caused by any event;
  • The sum representing the liability percentage, according to the “both-to-blame” collision clause, if the clause is included in the charter contract. If the owner of the vessel, according to the both-to-blame collision clause, requests the payment of indemnities, the Insured Party agrees to notify the Insurer, the latter being entitled, independently and at his expense, to defend the Insured Party against such claim.

What risks does type the clause for “theft, robbery and failure to deliver”cover? 

This clause covers the loss or damaging of the insured good, due to theft, robbery or the failure to deliver an entire package.

The clause is used exclusively in addition to the Type B Clause.

What risks does the “risk of strike” clause cover? 

This insurance covers the risks of loss and damaging of the insured freight caused by:

  • Strikers, workers in lock-out or other persons that participate at work related unrests, revolts or civil movements;
  • Any terrorist or person acting from political reasons;
  • The expenses and contribution to the common damage and/or the rescue expenses bore by the Insured Party, set according to the charter contract and/or applicable law, if they were made for or in relation to the removal of losses caused by a risk covered by this clause.

What risks does the “storage risks” clause cover? 

This policy covers the risks of loss and damaging of the insured freight, caused by:

  • Fire, lightning bolt, explosion, regardless if the lightning bolt or explosion was not followed by a fire;
  • Torrential rain, including its indirect effects;
  • Hailstorm, flood, storm, hurricane;
  • Earthquake;
  • Landfall or landslide;
  • The weight of the snow or ice layer, avalanches;
  • The falling of objects on buildings or other constructions housing the insured goods.

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