)
Overview
Shipping insurance ensures protection against risks that may arise during the movement of goods via different transport modes including road, sea, air, and rail. This insurance establishes both general and specific conditions to offer coverage within defined limits for potential damages to shipped goods. As a result, it mitigates the financial consequences of losses that could occur throughout the transportation process.
SCOPE OF COVERAGE
Full Loss Coverage
Provides comprehensive protection in the event that the goods, along with the transporting vehicle, are completely lost during transport.
Limited Coverage
In addition to the risk of total loss of the goods, this coverage also includes partial damages that may occur due to accidents, collisions, overturning, or fire involving the transporting vehicle. This coverage is typically specified with special conditions referred to as Institute Cargo Clauses [C].
Broad Coverage
Generally known as "All Risks," this coverage includes all risks the goods may encounter during transportation. Under this coverage, all risks are covered except for exceptions specified in Institute Cargo Clauses [A]. Thus, comprehensive protection is provided against various adverse situations that may arise during the transportation of goods.
Types Of Products
Valuable Goods Shipping Insurance
Provides protection against risks such as accidents, damages, or armed robbery that may occur when valuable metals like gold, jewelry, cash, and similar valuable goods are transported from one point to another using vehicles. According to the conditions specified in the insurance policy, damages that may occur during the transportation of such valuable goods are covered under the insurance.
Boat Insurance
Covers various risks that ships, watercraft, and other vessels may encounter within a specified period. These risks include accidents, damages, theft, and other maritime-related risks. Depending on the conditions set forth in the policy, various protections are offered to the owner of the ship or watercraft and related parties.
