Cargo Insurance in International Trade
Cargo insurance is available in two variants with different scopes of insurance:
Insurance covers the following losses:
- resulting from natural forces (eg. fire, lightning stroke, floods, hurricane, heavy rain, hail, avalanche)
- resulting from an accident of a means of transportation
The insurance covers all losses that have been excluded in the general terms and conditions of insurance Marine transportation insurance in 1983, the last condition set that includes the
terms A, B, C’s. These formulas contain a variety of marine insurance coverage.
Terms and conditions known as A:
However, an inherent defect or corruption of nature, and like them and where their insurance requires a special agreement between the insurer and the insured is a massive commitment of insurers.
In practice, the formula coated on commodities or commodity vulnerable to the risk of damage during transport based on accidents at sea has A.
Insurance requirements B:
In this formula, the coverage that insurers only cover damage caused by the occurrence of certain events, risks and anticipated policy is created. Supply risks such as grounding, sinking or capsize the ship or ship collisions with external objects, waterfront goods at the port due to water damage emergency and throw some goods (public and shared losses).
Insurance requirements C:
This type of insurance coverage, insurers are more restricted and involves a commitment that the events anticipated compensation in the insurance policy to theinsured goods are imported. The events covered in this formula include fire or explosion, grounding, sinking or capsize the ship. From a legal perspective and manner of proof of damage, an important difference between the situation with Formula A Formula B and C Transition.
1-2. CMR INSURANCE
All our vehicles are covered by CMR insurance – carrier’s insurance during transport. The CMR is a consignment note with a standard set of transport and liability conditions, which replaces individual businesses’ terms and conditions. It confirms that the carrier (i.e. the road haulage company) has received the goods and that a contract of carriage exists between the trader and the carrier. Unlike a bill of lading, a CMR is not a document of title nor a declaration. It does not necessarily give its holder and/or the carrier rights of ownership or possession of the goods, although some insurance is included.