Carrier/freight forwarder liability insurance
Protection against risks
Third-party liability arising as a result of:
Features of insurance coverage
Types of transportation
Transportation of goods by road, rail, sea or air is covered
Territory of liability
Insurance coverage is valid only in the territories specified in the insurance contract, within the route of cargo transportation. It is possible both within Ukraine and in the territory of other countries, which is separately stated in the insurance contract
Scope of liability
INGO insurance cover extends not only to the freight forwarder's liability for its own errors and omissions, but also to the liability for errors and omissions of the freight forwarder's counterparties involved in the transportation
Benefits of insurance in INGO
outlook - «Evolving»
8.12.2023
What risks can be covered?
The contract may cover:
- Loss, destruction, damage to cargo during transportation
- Late delivery of cargo
- Claims of the customer of transportation for reimbursement of customs duties, taxes, transportation fees
- Damage to life, health or property of third parties caused by the cargo
- Expenses incurred as a result of actions aimed at rescuing the cargo, reducing the damage and establishing its amount
What influences risk assessment?
The following factors influence the risk assessment:
- transportation, storage or handling of goods
- categories of cargo
- types of transport involved and coverage area, loss statistics for previous years
- volume of operations - number of shipments, gross freight, average and maximum value of cargo per shipment
- coverage - limits, deductibles
How is the sum insured under the agreement set?
The sum insured is set by agreement of the parties. The contract may provide for: a limit for a single event, a limit for the contract as a whole, and sublimits for certain events and risks may be provided.
What does the CMR mean?
The CMR is the Convention on the Contract for the International Carriage of Goods by Road, dated May 19, 1956, concerning the standardization of the conditions governing the contract for the international carriage of goods by road, in particular as regards the documents to be used in such carriage and the liability of the carrier.
This Convention applies to any contract for the carriage of goods by road for remuneration when the place of acceptance of the goods for carriage and the place provided for delivery specified in the contract are located in two different countries, at least one of which is a contracting country, regardless of the residence and nationality of the parties.
What does SDR mean?
Special Drawing Rights (SDR) - SDR (Special Drawing Rights), a special reserve asset of the International Monetary Fund, the rate of which is determined daily based on a basket of five currencies (US dollar, euro, British pound sterling, Japanese yen and Chinese yuan) and published daily on the official website of the National Bank of Ukraine.
