TRANSPORT INSURANCE
These policies are aimed at commercial companies, carriers, buyers or sellers of goods which cover the goods transported for risks that may occur during their transport.
These contracts may be open-term or relate to a single journey. At a low premium they provide really great collateral. This covers loss or damage to the cargo carried by any recognised or specialised means of transport (ship, truck, airplane, train) and takes into account the type and value of the goods, packaging, place of loading and destination and the route to be followed.
The terms are governed by Lloyd’s clauses:
• Clause C (named risks)
(a) land: fire, impact, collision, rollover, diversion from the course resulting directly in the material damage of the insured goods.
(b) marine: fire, stranding, sinking, collision, participation in general abaria, etc., related risks of accident resulting directly in the property damage of insured objects.
• Clause B (named risks)
It covers the same as Clause C, but has more extended cover, without reaching the covers of Clause A. All clauses can be extended to the risks of war, strikes, malicious acts, etc.
• Clause A (against all risks)
It covers all risks of damage during travel, except for events which are standard exceptions to all contracts, for example fraudulent acts, contamination from radioactive goods, etc.
AGAINST ALL DANGERS
These programmes have been set up to cover a wide range of risks, providing full cover of assets. The insured knows in advance that he will be compensated for every damage incurred with a few exemptions such as wear and tear or events that suspend the operation of the contract such as war, revolution, siege, nuclear disaster, fraud, etc.
Indicative types of contracts:
• Against any risk of mechanical failure. Protection shall be provided for all types of mechanical equipment, for any unforeseen and sudden damage or loss resulting from mechanical failure (so-called hazards). There is the possibility of extending to a loss of revenue-profits.
• Mechanical equipment. Coverage is provided when the equipment is in use or idle on-site or stored or disassembled.
• Against any risk of contractors. It is addressed to contractors, project financiers, building/project owners, construction companies, civil engineers, etc. Covers any damage caused by a random event (with exceptions) and in addition third party civil liability, employer liability, cross liability between insured parties, simple or extensive maintenance, emergency fare, overtime in case of damage.
• Electronic equipment. It is aimed at diagnostic or medical centers for computers and general devices. It covers any damage to the asset from the moment it is first put into service (excluding the assembly period).