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Under the insurance agreement there can be insured:
The Insured’s property interests related to possession, use and disposal of cargo.
The insurance agreement is concluded by the following condition:
"With responsibility for all risks” which covers:
- all losses from damage or total loss of all or part of the cargo;
- losses, expenses and contributions by general average;
- all necessary and appropriately made expenses for saving cargo, minimizing loss and defining its amount.
The damage is reimbursed in the following order:
- in case of total loss (destruction) of cargo - as insurance amount minus deductible;
- in case of damage (loss of part) of cargo – as share of insurance amount proportional to the value of lost cargo to the value of the whole cargo minus deductible;
- the cost of repairing damaged cargo if it does not exceed the amount of insurance indemnity;
Expenses that are subject to reimbursement under insurance terms are paid by the Company when paying insurance indemnity.