Insurance – Cargo during transportation – CARGO

The insurance covers the risks contracted in the insurance policy, to which the insured cargo is exposed, subject to import, export, or re-export during its transportation.


The Insurer provides coverage under the following clauses:

  • Institute Cargo Clauses (A) - 1.1.82
  • Institute Cargo Clauses (B) - 1.1.82
  • Institute Cargo Clauses (C) - 1.1.82


When required, insurance coverage against war risks, strikes, riots, and civil unrest can be provided, under the following clauses:

  • Institute War Clauses (Cargo) - 1.1.82
  • Institute Strikes Clauses (Cargo) - 1.1.82


The insurance becomes effective from the moment when the cargo leaves the warehouse or the place of storage indicated in the policy, continues in the ordinary course of transportation, including forced unloading, loading, reloading, and transshipment of the cargo, as well as reroutes due to circumstances beyond the carrier’s control, or performed in order to save human life or property, or it was inevitable for the safety of the transportation vehicle, and ends at the location indicated in the policy.

The insurance value is the actual market price of the insured object as of the day on which the contract is signed. It is determined based on the value of the insured object at the place and time of the loading, together with the costs of the insurance, freightage, customs fees, and the expected profit. These costs are typically added to the invoice amount as a percentage which usually is 10%.

The insurance premium is determined by the fee schedules of the INSURER, based on the type of goods and transportation, destination, and other circumstances.

Upon the occurrence of an insured event, the INSURED must notify the INSURER in writing within 3 /three/ working days and/or on the first day on which he becomes aware of its occurrence, and take all reasonable measures for rescuing the cargo, preventing, limiting, or reducing the loss and/or damage.

The compensation is equal to the actual amount of the damage caused by the insured event but no more than the insurance amount.

The INSURER reimburses the INSURED separately for the expenses incurred for reducing the damages, when he has acted with due care, even if his efforts were unsuccessful.

Within 15 days of completion of the documentation on the damage with all documents requested by the INSURER in writing, but no later than 6 months from the filing date of the claim, the INSURER makes a ruling on the claim under the insurance.