This insurance provides protection for cargo during its international transportation and is in compliance with The General Conditions for Insurance of Cargo in Transit as well as in conformity with the Institute Cargo Clauses applicable to the international market.
This insurance covers any goods and cargo, subject to export, import or re-exports and the material interest related thereto, while being in transit, against any loss, damage and expenses incurred on occurrence of an insured event.
This insurance covers also risks and expenses, related to transportation of goods on the territory of the Republic of Bulgaria.
The insurer provides coverage on the following clauses:
- Institute Cargo Clauses (A) - 1.1.82
- Institute Cargo Clauses (B) - 1.1.82
- Institute Cargo Clauses (C) - 1.1.82
- Other existing and applied in the international insurance market special Cargo clauses
When required, it may be coverеd against war risks, strikes, riots and civil unrest under the following clauses:
- Institute War Clauses (Cargo) - 1.1.82
- Institute Strikes Clauses (Cargo) - 1.1.82
The insurance premium is determined according to the company tariff and is calculated as a percent of the value of cargo insured. The tariff takes into consideration the nature of the cargo, its packaging, means of transportation, coverage required, and the destination.
The insurance shall take effect at the time the goods are delivered for transportation and shall expire on their delivery to the consignee, and shall be operative during transshipment and storage.
The insurance value is the market value of the insured object to the day on which the contract is concluded. It is determined by the value of the insured object at the place and time of loading, together with the cost of insurance, freight, customs duties and expected profit.
The amount of the insurance indemnity is equal to the actual cost of loss or damage as of the date the insurance event occurred.