Cargo Insurance
Cargo Insurance covers potential risks that may occur during the transport of goods, either within Greece, or in goods imported or exported from the country, by any recognized means of transport (car – ship – plane – train, etc.).
The terms of the transfer insurance are governed by the LLOYD’S Clauses and their coverage is briefly described in the following categories:
Coverage provided by Cargo Insurance:
Coverage with Clause “A” (All risks) which covers all the risks of losses during the trip, with the exception of events that are permanently excluded from insurance policies. Examples include fraudulent claims for compensation, contamination with radioactive materials, etc.
Coverage with Clause “B” (refers to named risks) which covers key risks, like clause C, but has a wider coverage, but without approaching the data of Clause A.
Coverage with Clause “C” (concerns named risks) which covers basic risks, ie the customer will be compensated if and when specific events occur, which relate exclusively to specific risks such as:
Land Transport: fire, collision, collision, overturning, deviation from the course (derailment or diversion from the road) etc. relative risks of accident (accidental event, independent of one’s will, with direct consequence of material damage to the insured objects) Maritime Transport: fire, grounding, sinking, collision, participation in a general accident, etc. related risks arising from an accident (accidental event, independent of one’s will, with immediate consequence of the material damage of the insured objects)
Of the aforementioned clauses, the most commonly used are Clause A & C. In addition, these clauses can be extended with individual insurance coverages such as: war risks, strikes, malicious actions, label cover coverage, etc., according to the needs of each company.