Liability insurance for dangerous goods carriers
Transporting dangerous goods is a high-risk activity that can potentially lead to significant losses and environmental disasters. Accidents and other unforeseen events during such transports incur enormous costs for senders, carriers, and recipients to compensate for damages caused to individuals, legal entities, and the environment.
To avoid these unpredictable financial losses, dangerous goods carriers are obliged to conclude a liability insurance contract. PRESTIGE Company offers to find a reliable solution together: our company will undertake the search for an insurance provider and support you in settling losses and compensating payouts due to third parties, allowing you to focus on your core business.
Advantages of insuring with PRESTIGE Company
- Comprehensive Compensation: Receive compensation in case of harm to the life and health of citizens, the natural environment, and the property of citizens and legal entities during the transportation of dangerous goods.
- High Level of Protection and Prompt Payouts: Guaranteed high level of insurance protection at moderate insurance costs, as well as timely payment of insurance compensation.
- Maximum Reimbursement Amount: Possibility of receiving the maximum amount of damage reimbursement (insurance sum) taking into account the hazard class of the cargo, up to 120 non-taxable minimum incomes of citizens (n.m.d.h.).
What Is insured and who can be the policyholder?
- What is insured? The object of insurance is property interests that do not contradict the law and are related to the reimbursement by the policyholder of harm caused to the life, health of individuals, the natural environment, and the property of individuals and legal entities during the transportation of dangerous goods in the manner prescribed by law.
- Dangerous goods are substances, materials, articles, waste from industrial and other activities which, due to their inherent properties and in the presence of certain factors, can cause an explosion, fire, damage to technical means, devices, structures, and other objects, cause material damage and harm to the environment, as well as lead to death, injury, poisoning of people and animals during transportation. These substances are classified into one of the dangerous goods classes according to international treaties or test results.
- Dangerous substances include classes 1 to 9:
- Class 1: Explosive substances and articles;
- Class 2: Gases;
- Class 3: Flammable liquids;
- Class 4.1: Flammable solids;
- Class 4.2: Substances liable to spontaneous combustion;
- Class 4.3: Substances which, in contact with water, emit flammable gases;
- Class 5.1: Oxidizing substances;
- Class 5.2: Organic peroxides;
- Class 6.1: Toxic substances;
- Class 6.2: Infectious substances;
- Class 7: Radioactive materials;
- Class 8: Corrosive substances;
- Class 9: Miscellaneous dangerous substances and articles.
- Who can be the Policyholder? A dangerous goods carrier – a legal entity (resident and non-resident) or a natural person (citizen of Ukraine, foreigner, stateless person), namely:
- Sender of dangerous goods: the person specified in the transport documents who prepares and submits these goods for transportation;
- Carrier of dangerous goods: the person who carries out the transportation of dangerous goods;
- Recipient of dangerous goods: the person specified in the transport documents who receives dangerous goods from the carrier;
- Person performing freight forwarding functions: with the consent of the carrier.
What constitutes an insured event?
An insured event is any event during the transportation of dangerous goods that results in harm to the life, health of individuals, the natural environment, the property of individuals and legal entities, and gives rise to the policyholder's civil liability for compensation of this harm.
Insurance sum and deductible
- What is the insurance sum? The insurance sum is determined depending on the hazard class (subclass) of the cargo per each full and incomplete ton of cargo and ranges from 60 to 120 n.m.d.h. (non-taxable minimum incomes of citizens).
- Is a deductible provided for in the contract? The insurance contract provides for an unconditional deductible of 1% of the insurance sum.
Cost of insurance and contract term
- How much does the insurance contract cost? The cost of insurance depends on the hazard class of the cargo, type of transport, volume of dangerous goods to be transported, insurance term, and other conditions that may affect the risk of an insured event, and ranges from 0.03% to 0.55% of the insurance sum.
- For what term can the insurance contract be concluded? The insurance contract can be concluded for a term of up to one year.
Ensure reliable protection and compliance with all legal requirements. Contact PRESTIGE Company for a consultation and to arrange a liability insurance policy for dangerous goods transportation.