Cargo insurance: reliable protection for Your shipments In the process of transporting goods, enterprises face numerous risks that can lead to unforeseen losses due to the destruction or damage of goods. PRESTIGE Company offers to help you find reliable solutions for cargo insurance, allowing you to protect your business from these financial losses.

Advantages of cargo insurance with PRESTIGE Company

By choosing us, you get:

• Avoidance of Losses: Compensation for losses incurred due to damage or total loss of cargo during its transportation.
• Reimbursement of Additional Expenses: Coverage not only for general average expenses but also for reasonable expenses for salvaging cargo and measures taken to reduce the amount of losses.
• High Degree of Protection: Guarantee of reliable insurance protection at moderate insurance costs and timely payment of insurance compensation.
• Strengthening Financial Stability: Ensuring the financial stability of your enterprise and guaranteeing the fulfillment of obligations to counterparties under any circumstances.
• Flexibility in Choice: The ability to independently choose an insurance program based on your own needs and business specifics. 

What Is insured and who can be the parties to the Contract?

• What is insured? Any cargo transported by any type of transport, except for dangerous goods approved by UN regulations.
• Who can be the Policyholder? A legally capable individual or legal entity, regardless of the form of ownership, resident or non-resident of Ukraine.
• What constitutes an insured event? Damage, destruction, or total loss of cargo, as well as additional expenses of the Policyholder that may arise as a result of transporting goods by any means of transport.

Insurance sum

The amount of the insurance sum:

• Is set in accordance with the amount declared by the Policyholder (the insured value of the cargo).
• Can be set for a specific insured event, for the first insured event, a group of insured events, or the insurance contract as a whole.
• Can be set separately for each insured unit of cargo or for a totality (batch, group, category) of cargo.
• Additional expenses related to the transportation of the insured cargo and defined by the Rules may be included in the insurance sum.
• When insuring cargo transported under CIF and CIP terms in accordance with the International Rules for the Interpretation of Commercial Terms (Incoterms 2010 Rules), the insurance sum may be set at 110% (one hundred and ten percent) of the value of the cargo and freight specified in the sales contract. 

Term of the insurance contract

The contract can be concluded for:

• The term of a single (one-time) shipment.
• The term of transportation of the entire specified volume of goods according to the contract or supply agreement.
• The term of transportation of a certain volume of goods within a defined period.
• If it is difficult to determine the transportation period (e.g., for long-distance rail transport), the insurance contract may provide for the establishment of a time limit for the insurance coverage for one shipment. 

Insurance options

We offer three main insurance options, allowing you to choose the necessary level of protection:

1. "With responsibility for all risks": Compensation for losses from loss or damage of all or part of the insured cargo that may occur as a result of dangers and accidents to which cargo is exposed during transportation. This is the broadest type of coverage.
2. "With responsibility for specific risks": Compensation for losses from damage or destruction of all or part of the insured cargo that may arise as a result of:
   • Fire, lightning, storm, whirlwind, or other natural disasters.
   • Catastrophe or collision of ships, aircraft, land transport vehicles with each other, or with any fixed or moving object, including ice.
   • Grounding, stranding, flooding, or capsizing of a ship, lighter, or barge.
   • Unloading of cargo in a port of distress if it was caused by risks against which insurance was carried out.
   • Overturning or derailment of a land transport vehicle.
   • Collapse of bridges, destruction of warehouse buildings.
   • Fire on a ship, aircraft, or land transport vehicle, as well as means taken to salvage cargo or extinguish a fire.
   • Disappearance of a ship, aircraft, or land transport vehicle without a trace.
   • Accidents during refueling of a transport vehicle.
   • Accidents during loading of cargo onto a transport vehicle.
   • Accidents during unloading of cargo from a transport vehicle.
   • Penetration of sea, river, or lake water into a ship, lighter, barge, hold, other transport vehicle, container, or cargo storage location.
   • Falling of piloted aircraft, their parts, or cargo onto the insured cargo.
3. "Without responsibility for damage, except in cases of catastrophe": Compensation for losses from the destruction of all or part of the insured cargo that may occur as a result of:
   • Fire, lightning, storm, whirlwind, or other natural disasters.
   • Catastrophe or collision of ships, aircraft, land transport vehicles with each other, or with any fixed or moving object, including ice.
   • Grounding, stranding, flooding, or capsizing of a ship, lighter, or barge.
   • Unloading of cargo in a port of distress if it was caused by risks against which insurance was carried out.
   • Overturning or derailment of a land transport vehicle.
   • Collapse of bridges, destruction of warehouse buildings.
   • Fire on a ship, aircraft, or land transport vehicle, as well0 as means taken to salvage cargo or extinguish a fire.
   • Disappearance of a ship, aircraft, or land transport vehicle without a trace.
   • Accidents during loading of cargo onto a transport vehicle.
   • Accidents during unloading of cargo from a transport vehicle.
   • Falling of piloted aircraft, their parts, or cargo onto the insured cargo. 

Cost of the insurance contract

The basic insurance tariff is 0.03 – 0.8% of the insurance sum. The amount of the insurance tariff depends on the chosen insurance option, cargo characteristics, type of transport, transportation route, etc.

Ensure reliable protection for your cargo and the financial stability of your enterprise. Contact PRESTIGE Company today to receive an individual consultation and choose the optimal insurance option!