In order to fully insure the value of their shipment, our Customers have the possibility of opting for the INDIVIDUAL CARGO Insurance, advised specifically for shipments of higher value.
INDIVIDUAL CARGO Insurance is part of the property insurances group. The insured always receives the full amount of compensation for damage or loss – regardless of who is to be held liable, even if there is no one at fault. With us as their middleman, our Customers receive preferential rates, unavailable for individual entities.
INDIVIDUAL CARGO Insurance changes the maximum limit of responsibility for the carrier specified in international conventions. According to legal regulations, the carrier’s responsibility for the shipment is limited. Depending on the kind of transport, it varies and so:
- in overland transportation, the forwarder’s maximum liability is 8,33 SDR for each kg of missing gross weight, as specified in International CRM Convention amounts
- sea-freight - 2 SDR for 1 kg (Hague Convention)
- rail-freight - 17 SDR for 1 kg (CIM Convention)
- air-freight - 17 SDR for 1 kg (Warsaw Convention)
Importance of CARGO Insurance results from the fact that the value of goods can significantly exceed liability limits mentioned above. With CARGO insurance, your shipment will be insured for the full value during transportation, according to the commercial documentation. Moreover, the payment of compensation will not be affected by damage resulting from force majeure (hurricane, natural disaster, etc.) even though in such case the forwarder does not bear any responsibility for damages.
Find out more about damages not covered by the forwarder’s OC, but covered by CARGO insurance.
Before using the individual Cargo insurance, please read the general insurance terms contained in the document Cargo Protect - General conditions of property insurance in transport.
General Cargo Documents