29511701 - truck transport container on the road to the port
Rares

Rares Colteanu

Chief Cargo Underwriter

Cargo Insurance

Cargo insurance is a facultative insurance that covers risks of loss of or damage to the subject-matter insured ocured on marine (sea/ocean), rail, road, air or combined transports and also on storage during the ordinary course of transit appeared between the place of loading and discharging point

CertAsig is offering cargo insurance both for legal persons / entities and individuals, with the condition that the Assured to have a patrimonial interest over the subject-matter insured

The cargo insurance policy can be issued if the goods have the following characteristics:
– They are complete and functional, according to the purpose for which they were created;
– Are sold / purchased / distributed for the sale-purchase (have a commercial value)
– Incorporates an intrinsic value given by the manufacturing process used for their production
– Are usually assessed through documents of sale.

The cargo insurance policy could be concluded as an open cover policy or cargo one-off (per each and every transport) for both domestic or international transport.

Advantages of CertAsig cargo insurance:

  • Innovative approach and always focused on our clients’ needs
  • Flexible, tailored wordings
  • Efficient and fair claims service
  • Competitive premium rates
  • Coverage under the Institute of Cargo Clauses (ICC)

 

Insured risks

Standard risks:

1. Cargo clause “C”
Loss of or damage to the subject-matter insured reasonably attributable to:
– fire or explosion
– vessel or craft being stranded grounded sunk or capsized
– overturning or derailment of land conveyance
– collision or contact of vessel craft or conveyance with any external object other than water
– discharge of cargo at a port of distress

Loss of or damage to the subject-matter insured caused by:
– general average sacrifice
– jettison

2. Cargo clause “B”

In addition to the cargo clause “C”, cargo clause “B”, covers:
Loss of or damage to the subject-matter insured reasonably attributable to:
– earthquake volcanic eruption or lightning

Loss of or damage to the subject-matter insured caused by:
– washing overboard
– entry of sea lake or river water into vessel craft hold conveyance container or place of storage,
– earthquake, volcanic euption or lightning;

Total loss of any package lost overboard or dropped whilst loading on to, or unloading from, vessel or craft.

3. Cargo clause “A”
all risks of loss of or damage to the subject-matter insured except as standard exclusion

Additional risks:
Cargo insurance can be extended to cover:
– WAR risk for marine and air transports
– STRIKES risk for marine (sea/ocean), land (rail/road-by truck) and air transports
– STORAGE risk

Cargo insurance policy issued under Cargo clause “B” or “C” can be extended to cover THEFT, PILFERAGE AND NON-DELIVERY

Cargo insurance policy issued under Cargo clause“A” can be extended to cover specific ordinary risks like breakage, leakage, gird, mold, spontaneous combustion, alteration, rust and oxidation, bending, scratching, contamination etc. As this risks represents an additional cover of Cargo clause“A”, they can be offered only together with this insurance condition

Normal maximum underwriting capacity:

-up to USD 15,000,000

Type of insured cargo:

All types of cargo considered, including:
• Construction materials
• Oil, non hazardous chemicals and fuels
• Technology and heavy equipment
• Pharmaceutical products and medical equipment
• Food and beverage
• Timber and timber products
• Cereals and bulk commodities
• Frozen foods and meat


Petitions/complaints lodged against the company CERTASIG SA and lodged with the Financial Supervisory Authority last 3 months are total of 0 (zero). Their structure can be found by visiting the dedicated page here

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