Cargo Insurance
Accident never warns. Did you know there are still many traders who become bankrupt because of losing their cargo during shipment? Did you know you can compensate damages with a cargo insurance, in case the liability insurance of the forwarding authorities is not sufficient or in case the shipping company is not recognized as the defaulting party?
The cargo insurance (cargo transportation insurance) is a policy that one party, by having received a premium from the second party, commits that in case during the cargo shipment from one place to another, the goods are destroyed or they receive the damages that covered by an insurance policy, as a result of the perils subject of the policy, the former will compensate the losses.
Why Cargo Insurance? Why Parsian Insurance Company?
Although using advanced transportation systems has mitigated the intensity of damages during transportation, but the increased volume of traded goods and products has brought about many new risks. Parsian Insurance Company, by presenting cargo insurances, tries to secure your capital against probable and unpredictable risks. Our goal is to provide quicker and more desirable services for our customers. Parsian Insurance Company’s cargo insurance covers all risks pertaining to transportation of goods from/to different locations whether via sea, land, air or through a combination of them.
Different Cargo Insurances
We can classify cargo insurance policies, based on different criteria, which include: mode of shipment, origin and destination, and policy terms and conditions. However, cargo insurance is usually known to include international (import, export and transit) and domestic policies.
Parsian Insurance Company’s Import Cargo Policies
This policy is one of the documents required for opening L/C in the banks. The policy covers the risks threatening the goods purchased from different countries of the world. The International transportation policy is issued based on one of the standard clauses A, B and C, of London Underwriters Institute. In the international cargo policies (including import and export), the most comprehensive insurance cover is presented under Clause A (all-risk cover). This is while the policies with Clauses B, C and C plus non-delivery of a full package and total loss, have more limited covers, respectively.
Parsian Insurance Company’s Export Cargo Insurance
The goods shipped from Iran to foreign countries, need export insurance policies based on the sale terms and conditions. The export policies are similar to import policies, and all issues mentioned for import policies are also applicable for export policies.
Parsian Insurance Company’s Transit Cargo Insurance
The origin and destination of some shipments are outside the borders of Islamic Republic of Iran and Iran is only located on the route of the shipment. A transit insurance policy is issued for these types of shipments.
Parsian Insurance Company’s Domestic Cargo Insurance
According to the provisions of Art. 386 of the Commercial Code and other applicable laws, the Iranian forwarding companies and institutes are bound to deliver the consignments assigned to them by owners of the goods for shipment to their concerned destinations in good and proper conditions, and they shall compensate damages in case they occur. But in case the liability insurance of the forwarding agents is not sufficient or if the forwarding company is not in default, you can provide cargo insurance to cover these damages. Domestic cargo insurances follow the country’s internal rules and regulations and they can cover a wide range of risks, based on an agreement signed between Parsian Insurance Company and the owners of the goods.