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                    Current Location: Home ? Knowledge ? Logistics Insurance ? Text

                    Cargo Insurance Basics (1)

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                    Core Tip:Cargo Insurance Basics (1)

                    The open cargo policy is framed to serve the purpose of the regular shippers. The approved merchandises are automatically offered protection under the sales terms. This helps nullify the requisition of negotiating the terms and conditions, limits and rates for insuring each and every shipment. Under this type of coverage policy the merchandises can be covered “All Risk”, With Average (WA) or Free of Particular (FPA).

                    All Risk coverage 
                    This is the most extensive form of coverage that insures approved cargo against the loss or damage caused by any external forces. This policy includes new, packaged goods that are not vulnerable to pilferage or breakage. The “All-Risk” policy does not offer coverage for the losses that might be incurred in the course of international freight transition.

                    The exclusions in“All-Risk” coverage are:

                    • Disposition of Cargo
                    • Inappropriate packaging of the goods
                    • Refutation of the goods by the customers
                    • Loss due the nature of the cargo itself
                    • Failure to collect accounts or make payments
                    • The change or transfer of employees or their dishonesty
                    • Delay of loss of the market
                    • Losses that exceeds the coverage limits
                    • Used goods
                    • Barge shipments
                    • Losses incurred at the port more that 15 days after the goods had been discharged off.
                    • Losses incurred inlands more that 30 days after the freight had been discharged.
                    • Losses incurred to the goods that are subjected to on-deck billing.
                    • Losses incurred due to air pressure of fluctuating temperature in case of air shipments
                      • Failure to inform the air carrier timely about the initial losses
                      • Non- delivery – 120- days
                      • Hidden damage- 14 days
                      • Obvious damage- 7 days

                    Free Of Particular Average of FPA
                    This is mainly a limited coverage that offers coverage to waste materials, used goods and the goods that are subjected to on-deck bill of landing. This policy offers coverage against losses caused by FPA hazards which includes stranding, collision, sinking or burning of the vessel or any other catastrophe on shore like fire, earthquake, derailment or the collapse of the dock.

                    FPA conditions loss coverage

                    Harsh weather, lightning, barratry of the mariners or masters, assailing thieves Covered (only for Total Loss)
                    Stranding, burning, sinking, collision, fire while on deck Covered
                    Stranding, burning, collision while under deck Covered
                    Explosion or fire Covered
                    Stranding, sinking or burning of the ship or the craft Covered
                    Collision or crash of a land or air conveyance Covered
                    Collision or a marine conveyance with any external object like ice-berg other than water Covered

                    With Average or WA coverage
                    This policy acts as an extension of the FPA to cover the damages incurred by harsh weather. Eventually in many cases the FPA and WA may be extended to cover non-delivery, theft and pilferage.


                    LOSSES FPA WA ALL-RISK
                    Sinking Covered Covered Covered
                    Stranding Covered Covered Covered
                    Collision Covered Covered Covered
                    Burning Covered Covered Covered
                    Bursting of boilers Covered Covered Covered
                    Vessel Management Errors Covered Covered Covered
                    Defects machinery or hull Covered Covered Covered
                    Jettison Covered Covered Covered
                    Perils or harsh weather Covered * Covered Covered
                    Seawater Covered * Covered Covered
                    Fresh water Uncovered Uncovered Covered
                    Mud, grease or hook damage Uncovered Uncovered Covered
                    Fault storage by the carrier Uncovered Uncovered Covered
                    Non-delivery of the entire package Uncovered Uncovered Covered
                    If the entire consignment is stolen Uncovered Uncovered Covered
                    Leakage Uncovered Uncovered Covered
                    Pilferage Uncovered Uncovered Covered
                    Breakage Uncovered Uncovered Covered

                    * only total losses and not partial losses -Certain exclusion and alterations may take place in coverage polices depending upon the nature of the consignment.


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