Cargo Insurance

Under the insurance agreement the followings can be insured:

The Insured’s property interests related to possession, use and disposal of cargo.

The insurance agreement is concluded under the following conditions:

"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 procedure for insurance indemnity payment:

Damages, destruction (loss) of cargo within the framework of agreement are reimbursed in the following order:

a) in case of the total loss (destruction) of all or part of the cargo - in the amount of the damage suffered by the Insured but no more than the insurance amount.
b) in case of damage to all or part of the cargo - in the amount of recovery costs but no more than the insurance amount.
Recovery costs include the following:

a) expenses for supplies and spare parts for repair (restoration);
b) expenses for repair work;
c) expenses for the delivery of supplies to the repair site and other expenses necessary to restore the insured cargo to the state it was right before the insurance event occurrence.