1. Cases that insurance covers
○ ... will pay.
× ... will not pay. (However, by setting a special agreement, you may be eligible for payment.)
2. About war and strikes
Types of risk |
Condition (A) | Condition (B) | Condition (C) |
---|---|---|---|
Stranding, sinking, abalone |
○ | ○ | ○ |
Abalone, derailment when trucking |
○ | ○ | ○ |
Contacts and collisions of ships and trucks |
○ | ○ | ○ |
Accidents at work in the harbor |
○ | ○ | ○ |
Fire, explosion |
○ | ○ | ○ |
Damage caused by dropping |
○ | ○ | ○ |
Storm |
○ | ○ | × |
Earthquake, fire, lightning |
○ | ○ | × |
Maritime transport accidents |
○ | ○ | ○ |
Stolen from ships, trucks and containers at storage area |
○ | ○ | × |
Dropping breakage during imports and exports |
○ | ○ | × |
Damage from malicious act |
○ | × | × |
Lost, stolen and no arrival |
○ | × | × |
Dents, bend loss |
○ | × | × |
Loss due to rain, snow and moisture |
○ | × | × |
Piracy |
○ | × | × |
Insurance rate |
2% |
1.5% |
1.35% |
× ... will not pay. (However, by setting a special agreement, you may be eligible for payment.)
Marine cargo insurance is subject to war, civil war and revolution. And also is subject to the damage from the people who are involved in strikes, riots and labor disputes.
- 1. Intentional damage caused by insured contractor and Insurer.
- 2. Damages caused by cargo itself and by the nature of the deficiency
ex) spoilage of fish and foods, aging and deterioration of steel products. - 3. Damages from delay
ex) damages caused by not delivered on the delivery date - 4. Imperfect packing, stacking defects in the container
- 5. Damage caused by radioactive contamination
- 6. Damages caused by biological, chemical or electronic weapons
- 7. Damages caused by terror in abnormal transport processes
- 8. Damages due to financial default and collapse of the shipping company
- 9. Indirect damages
ex) penalty and denial of the transaction due to cargo damage
The amount of insurance is normally set to 110% of CIF price if there is no specific amount. However, as stated in letter of credit for more than 110% of CIF price as insurance, please contact us in advance.
Insurance rates vary according to insurance conditions, type and nature of the cargo, transport sector and transport methods.
For the estimate of insurance rate, please contact our company or the dealer which treats the below.
For the estimate of insurance rate, please contact our company or the dealer which treats the below.
- 1. Specification of the goods or packaging
- 2. International insurance arrangements
- 3. Transport methods (container lines, traditional ships, aircrafts, others)
- 4. Invoice amount of shipment