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Goods in Transit Insurance (Cargo)

Goods in Transit Insurance (Cargo)

Subject matter
This insurance services commercial goods exchange - import, export and re-export as its goal is to indemnify losses, damages or expenses resulting from the occurrence of an insured event during transportation. The subject matter is all types of cargo regardless of the means of transport or the countries it passes through during transportation.

Risks covered
The Cargo Insurance provides insurance cover under the General Conditions for Insurance of Cargo during Transportation and under the conditions of the Institute Cargo Clauses valid on the international market:

  • Institute Cargo Clauses /А/ - provides full cover of cargo – for all risks resulting from loss and/or damage of the insured cargo during transportation, except for those explicitly excluded from the policy
  • Institute Cargo Clauses /С/ - provides minimal cover which includes loss and/or damage of the insured cargo resulting from the occurrence of specific risks /fire, explosion, overturning or derailing of the vehicle, collision or contact of the vehicle with an external object, excluding water and other sea related risks/
  • Institute Cargo Clauses /В/ - provides limited cover including the cover under Institute Cargo Clauses /С/ and the risks earthquake, volcanic eruption, lightning, the vehicle’s going into sea, lake or river water, full loss of a separate package during loading-unloading activities
  • Other conditions and clauses generally accepted on the international insurance market – for specific cargo and means of transport
  • Internal Cargo Clauses – for loss and/or damage to the insured cargo resulting from fire, explosions, natural calamities, road traffic accident, overturning or derailing of the vehicle, etc. – for cargo transported on the territory of the Republic of Bulgaria.
  • Additional clauses and risks
  • Military risks – as per the Institute War Clauses (Cargo)
  • Strikes, rebellions and civil unrests – as per the conditions of the Institute Strikes Clauses (Cargo)
  • Transshipment
  • Damages that occurred during loading-unloading activities
  • Breakage
  • Spoiling of the cargo during transportation with refrigerator vehicles
  • Other specific risks.

Most insurance company also offer Subscription Cargo Insurance. In this case there are bigger discounts and bonuses for the Policyholder.

Insurance premium
It depends on the nature of the cargo, the package, the means of transport, the destination and the insurance cover.

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