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TRANSPORTATION INSURANCE

The “Cargo” insurance is insuring cargo during transportation.

Cover – losses inflicted to the cargo by risks while being transported on land, water or air.

Calculation of the insurance price – in this case the pricing is influenced by the risk evaluation as compared to the following information:

  • type of the cargo
  • initial and final point of  transportation
  • type of packaging of the goods
  • type of transport, changes on the route
  • approximate value of transported goods
  • frequency of transport
The risks covered are in compliance with international institute cargo clauses –   “А”, “В” and “С”.  Institute cargo clause “А” – “Comprehensive cover”:
  • Theft
  • Fire or explosion
  • Stranding, sinking or capsizing of a ship or another vessel
  • Overturning or derailing of a land vehicle
  • Impact or contact of a ship, another vessel or vehicle with any outside object other than water
  • Unloading the cargo at a port in a disaster
  • General average
  • Discarding the cargo in case of an accident
  • Damage due to sea, river or lake water coming in
  • Complete loss of any package lost behind board
  • Complete loss of any package which has fallen behind board while loading or unloading
  • Breaking, smashing, scratching, chipping etc.
  • Malicious damage
  • Any kind of wetting damage including rain
  • Earthquake, volcanic eruption or lightning
Institute cargo clause “ B” -“ Limited cover” :
  • Fire or explosion
  • Earthquake, volcanic eruption or lightning
  • Stranding, sinking or capsizing of a ship or another vessel
  • Overturning or derailing of a land vehicle
  • Impact or contact of a ship, another vessel or vehicle with any outside object other than water
  • Unloading the cargo at a port in a disaster
  • General average
  • Discarding the cargo in case of an accident
  • Damage due to sea, river or lake water coming in
  • Complete loss of any package lost behind board
Complete loss of any package which has fallen behind board while loading or unloading Institute cargo clause “ С”- “ Minimum cover” :
  • General average
  • Fire or explosion
  • Stranding, sinking or capsizing of a ship or another vessel
  • Overturning or derailing of a land vehicle
  • Impact or contact of a ship, another vessel or vehicle with any outside object other than water
  • Unloading the cargo at a port in a disaster
  • Discarding the cargo at a port in a disaster

The cover includes the liability of the Carrier for complete or partial missing or damage to the transported cargo. For Bulgaria the insurance cover is given in compliance with The Automobile transportation act, whereas abroad the cover is given in accordance with the Convention for international carriage of goods by road and the limit of liability is defined according to its General Provisions.

The cover includes the liability of the Shipping agent for activity performed as an operator, sales representative or commissioner – for damages inflicted to the clients in case of non-performance of an undertaken responsibility under a shipping contract.