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    TheThe FaculFaculty of International Business andty of International Business and

    EconomicsEconomics

    Cargo insurancepolicy

    The best way to predict theThe best way to predict the

    future is to create itfuture is to create it

    EinsteinEinstein

    Cosmin Jolde, Univ. Lecturer

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    Content of presentation

    1. Insured interest

    2. The risks insured

    3. Exclusions

    4. Sum insured

    5. Types of contracts and period of insurance

    6. Modalities of a ment of remium

    7. Currency

    8. Claims procedure

    9. Information necessary for providing an offer

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    1. Insured interest

    What goods can be insured?

    - all the goods that are being transported, e.g. raw materials, workin progress, finished goods, equipment beeing brought to be

    installed.- the intermediary storage necessary during the transport can be

    covered.

    Who is making the insurance? The owner of the goods, according to INCOTERMS or any other

    person who has an insurable interest (e.g. a bank).

    The carrier or forwarder can make their own insurance:

    Carriers Liability or Forwarders Liability. In some cases the owner of the goods impose to the forwarder

    or transporter to cover all the risks related to goods. Thissituation is atypical.

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    2. The risks insured

    Insurance conditions

    The standard coverage is provided by Institute Cargo Clauses (ICC):

    ICC A - All Risks

    ICC B

    ICC C

    To the above types of coverage some additional risks can be coveredby special clauses:

    + risks specific to the nature of the goods transported (e.g.+ risks specific to the nature of the goods transported (e.g.

    moisture, spotting, petrifaction, rusting etc.)moisture, spotting, petrifaction, rusting etc.) + war, civil war, revolution, riot+ war, civil war, revolution, riot

    + strike, civil commotion+ strike, civil commotion

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    2. The risks insured (continued)

    ICC A:

    All Risks - any risks of physical loss or damage not specified but notexpressly excluded

    ICC B- risks covered by ICC C plus the following:+ Earthquake+ Washing Overboard (deck cargo)+ Sea/river/lake water entering Ship, Conveyance

    ICC C Fire and Explosion Overturning or Derailment of Land Conveyance Contact of Ship, Craft or Conveyance with other object

    (excludes Water but not Ice) Discharge of Cargo at Port of Distress . JettisonGeneral Average Sacrifice

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    3. Exclusions

    Major exclusions

    loss, damage or expense attributable to wilful misconduct of theAssured

    ordinary leakage, ordinary loss in weight or volume, or ordinarywear and tear of the subject-matter insured

    loss damage or expense caused by insufficiency or unsuitability ofpacking or preparation of the subject-matter insured

    loss damage or expense caused by inherent vice or nature of thesubject-matter insured

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    3. Exclusions (continued)

    Special Exclusions

    Theft / pilferage, non delivery - risks excluded in under clauses ICCB and ICC C.

    War risks Strike , Riot and Civil Commotion

    Terrorism

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    4. Sum insured

    Production value or invoice value

    In addition to this value the following expenses can be insured:

    + cost of transport (freight)

    + duty, VAT and other expenses

    + the insurance premium

    + over-insurance up to 10 % from the value of the goods (this item

    the expected profit.)

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    5. Types of contracts and period of insurance

    Open policy

    - Efficient for a high frequency of the transports.

    - Usually concluded for a year.

    One-off policy

    - usual for casual transports.

    -warehouse.

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    6. Modalities of payment of premium

    Minimum and Deposit premium (usually between 70 and 80% fromannual estimated premium) at inception. The premium is adjustedat the end of the policy year based on actual transported value.

    Minimum premium means that this is the minimum amountacceptable by the insurer. Deposit premium means that the amountmust be paid by the insured at the beginning of insurance.

    Monthly payment of estimated premium Quarterly payment of estimated premium.

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    7. Currency

    Payment of premium

    in ROL /RON)

    in hard currency

    Payment of indemnities

    in ROL/RON

    in hard currency, if theinvoices for the goods areissued in currency.

    equivalent in ROL of theindemnity considering theexchange rate at the date ofissuance of the policy.

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    8. Claims procedure

    To inspect the cargo at destination. All the loss or damagesobserved at arrival must be written into the transport documents.

    To notify the loss or damages to the broker or insurer.

    To take al the reasonable measures to mitigate the extent of lossand to preserve the goods.

    To sent Letters of Protest to all the parties involved (e.f. forwarder,.

    To support the insurers representatives or designated surveyors inorder to determine the nature, cause and extent of loss/damage.

    To collect all the documents relevant for the claim and which provethe extent of loss and other expenses. To send them to insurer.

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    9. Information necessary for providing an offer

    Description of the goods transported

    Quantity / packaging list / weight / volume

    Packing and labelling

    Sum insured and what it contains

    Routes

    Places of transhipments

    Frequency of transports

    Supervision at place of loading / discharging

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    Thank you!Thank you!Thank you!Thank you!


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