Not so long ago, sending your cargo in the way, the company actually gave its fate to will of chance.. As in other types of insurance, the insurance of cargo has several types. The main ones – are the so-called policies “with responsibility for all risks”, “with particular average”, “no liability for damages, except in cases of collapse”. The most popular and universal is the insurance “with responsibility for all risks. This includes damages, causes of which were almost all dangers and accidents during transport, as well as all necessary and reasonable expenses incurred for salvage, for reducing the loss and ascertaining its size. The highest rates are provided for the transportation of alcoholic beverages, consumer electronics, and automobiles.
In addition to the nature of the cargo (it is harder to insure liquid and bulk cargo insurance than hard ones, but the industrial equipment -is much cheaper to insure than, say, computers) it affects at the cost of insurance what traffic will be used (it is traditionally considered that air transport is the safest, and the most risky type is road transport), what the territory, whether it is accompanied by guards, and even in what way it is packed.
Cargo insurance becomes an integral part of modern international trade transactions. the specificity of insurance of these goods is such that the insurer is often faced with risks that are impossible at the insurance of products for civil purposes, and the degree of responsibility and thoroughness increases in several times. Add to this the history of customer’s insurance at the assurer, as well as the nature of the treaty: how the insurers explain, if the contract provides insurance protection not for a particular cargo on a specific flight, but for the entire volume of cargo transportation of the company for a certain period of time, in other words it is general, the policy can become cheaper by about 10%.
According to the insurers you should not rely on insurance liability, which a carrier has, and to neglect own cargo insurance. The fact is that, if there is force majeure, the carrier’s liability for loss or damage of goods will have to be proved in court. But that’s not all. Availability of liability insurance of the carrier does not give the guarantee for the payment in full because, firstly, in accordance with the convention CMR (International Convention for the carriage of goods) upon the occurrence of the carrier’s liability or refund it is calculated based on the market value of the cargo, either on the basis the value of a kilogram of cargo. And secondly, there are cases where the liability of the insurer for this type of insurance is insufficient to cover fully the cost of the goods. Therefore, the most complete insurance protection is provided with a combination of insurance of the cargo directly by its owner, the liability insurance of the carrier and the liability insurance of the freight forwarder.
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