What do you mean by cargo insurance?
What is Cargo Insurance? Insurance that generally protects shipments from loss, damage, or theft while in transit. This coverage is beyond basic claims insurance that may be provided, and it will reimburse for the designated value of the goods if a covered event occurs while the freight is in transit.
How many types of cargo insurance are there?
There are three types of cargo insurance according to the Institute Cargo Clauses (ICC): Type A, also known as all-risk insurance. Type B, also known as with average insurance. Type C, also known as free of particular average insurance.
How does air cargo insurance work?
Air cargo insurance is a type of policy that protects a buyer or seller of goods that are being transported through the air. It reimburses the insured for items that are damaged, destroyed, or lost and, in some cases, may even offer compensation for shipment delays.
What is the difference between cargo insurance and marine insurance?
Marine insurance includes cover for the hull, machinery, third-party liability, the shipment/goods carried in the vessel, etc. In the case of cargo insurance, insurable interest lies in the cargo or goods carried from the place of origin to the final destination.
What is the cargo value?
Value of the Cargo means the value of the Cargo, calculated in accordance with the procedure laid down by these Conditions at the place and at the time when the Goods were accepted for carriage, plus the subsidies and/or grants payable for the Cargo by State authorities (which may be not indicated in the Cargo invoice) …
What is the Basis of Valuation in Marine?
The basis of valuation in respect of individual dispatches may be as agreed between the Insurers and the Assureds but in no case the Sum Insured shall exceed CIF value plus 10%.