Why is it necessary to insure cargo?

Transportation of cargo is directly connected with the risk to face unforeseen material losses. Cargo insurance is the liable method for security of Your interests in case of loss, destruction or damage of the cargo.

What kind of cargo can be insured?

All types of cargo are accepted at “INGO ARMENIA” ICJSC for insurance.

What risks can be insured?

Cargo insurance is performed based on generally accepted insurance conditions which are constituted by the Insurance London University (ILU) and are named "Institute Cargo Clauses" (A), (B) and (C). In addition to general conditions, insurance coverage may include special risks, such as military actions, strikes (for marine and air transportation), risks of damage to the cargo during loading/unloading works, risks of keeping the cargo in interim warehouses during transportation process.

Insurance risks covered by insurance conditions:

Institute Cargo Clauses (A), (all risks)

Insurance covers “all risks” in connection with damage or loss of cargo, except cases of general exclusions. The meaning of “all risks” in accordance to clause A is coverage of “accidental losses”, excluding “inevitable losses”.

Institute Cargo Clauses (B), (extended basic insurance)

Unlike Clause (А) Clauses (B) and (С) exactly describe the risks covered. Insurance covers damage or loss of transported cargo as a result of risks mentioned in Clause (C), as well as as a result of:

• thunder, earthquake, snow slide or volcano eruption.
• on land transport accident, descent from railings or wreck in case of water transportation.
• penetration of sea, lake, river water through vessel, vehicle, container, warehouse.
• any kind of damage to packing – total or constructive, i.e. total damage during loading/unloading works from vessel, air transport and other mean of transport.

Institute Cargo Clauses (C), "Basic insurance"

Insurance covers damages or losses of transported cargo, which are occurred as a result of:

• fire or explosion;
• strand of water or air transport, its wreck or sinking;
• collision of on land transport or its descent from railings;
• collision or contact of water or air transport, as well as cargo with any external object except water;
• unload of cargo at the port of disaster;
• damage or expenses during rescue works in death cases;
• throw of cargo out of the vessel.

Territorial scope

Insurance coverage is effective on the territories of all the countries of the World despite type of transport.

Sum insured (maximum limit of compensation)

Definition of the liability of the Insurer (insurance value and sum insured) is very essential, as in case of insurance accident occurrence compensation payment is performed taking into account the amount of this sum. That is why “INGO ARMENIA” ICJSC in accordance with the wish of the client includes all documental proved expenses for transportation execution into insurance value e.g.:

• freight charges;
• customs duty;
• expenses of military escort and etc.

Insurance options 

No matter You want to insure one separate cargo or systematic consignment our specialists will help You to choose maximally optimized insurance coverage, which will correspond to Your budget.

In case of carrying out one transportation we draw up one-time Policy with the possibility to pay insurance premium within 5 banking days. Thus the cargo may be sent for transportation just on the day of Policy issuance.

General Policy is drawn up for insurance of systematic cargo transportation and the advantages of General Policy are:

• insurance rates are lower than for on-time Policy;
• easy cargo insurance application;
• convenient system of insurance premium payment.

How much does cargo insurance Policy cost?

You may receive fast calculation of insurance premium by filling in insurance application and sending it to the following e-mail address: cargo@ingoarmenia.am.  

Interesting information for cargo owners