Cargo Insurance historically is the oldest type of insurance.
It is a kind of property insurance, which irrespective of method of transportation indemnifies losses, expenses and payments, as a result of damage or destruction (loss) to the cargo.

COVER PROVIDED

London-Yerevan cargo insurance policy will indemnify the loss from the following perils:

• Fire or exploision,
• vessel or craft being stranded, grounded, sunk or capsized ,
• Aircraft crash, overturning or derailment of land conveyance
• collision of conveyance with any external object
• Natural disasters
• Water damages
• Missing Cargo
• Third parties illegal actions etc.

This insurance enables the Insured to avoid all possible losses which may arise as a result of damage to the goods during the transpoprtation.

OTHER BENEFITS OF THIS INSURANCE

• The expenses made for acquisition of Cargo insurance policy, are considered as necessary costs for running the business and should be accepted for tax purposes.
• In case the cargo was damaged because of third party’s fault, London-Yerevan will indemnify the Insured and then will claim the subrogation from gilty party himself.
• Cargo insurance may also include the expenses made for transportation, insurance as well as other related costs.
  Cargo insurance may include storage risk up to 30 days at port and/or warehouse.

IMPORTANT TO KNOW

• The choice of compensation method is entitled to the Insurer. Although in cases where the insured is unhappy with the decided method, the method governs   by force of negotiations with the Insured.
• The main methods of providing indemnity are as follows:
  - Cash payments,
  - Repair,
  - Replacement,
  - Reinstatement.
• It is possible to decrease the insurance rate by making some limitations to the insurance coverage. This is widely practicable, when the goods by nature can not be damaged by some of perils or the loss caused by this damage is not significant in terms of money (for example the loss that can be caused by an impact to the excavator which is 50 tones in weight). In this case, ICC “B” or ICC “C” insurance conditions may be applicable.

FACTORS AFFECTING ON INSURANCE QUOTATION

• Type of goods
• Method of transportation
• Packaging and labelling
• Weight, size, declared amount
• Voyage
• Period of insurance
• Presence or absence of any defects inherent to the
• transported goods
• Special  temperature-humidity conditions needed for  transported goods

NECESSARY DOCUMENTATION FOR CARGO INSURANCE POLICY EXECUTION:
For individuals: fully completed proposal form, passport.
Companies: fully completed proposal form, the Insured’s state registration certificate, tax code, juridical address, bank account number.