Seguros de Transporte Marítimo
The contract shipping insurance is that by which a person (the insurer) agrees to return for a premium, to indemnify another (insured) by an amount specified in the contract if it happens one of the risks envisaged by the contract damaging the assets employed in the maritime adventure. In exchange for a premium, the insurer pact with the insured, who will indemnify you as provided in the contract.
Each maritime expedition carries a series of insurances of this nature over the different insured interests. Without the existence of the insurance, it would be unthinkable that the different transport characters could act, at least by their own account and risk. Without the insurance we can affirm that worldwide commerce would disappear. Its importance is such that, without any doubt, humanity progress largely obeys to the existence of marine cargo insurance.
Marine cargo insurance covers any submitted interest to the transport risks throughout navigation. This type of insurance can cover the following risks for transported goods: total and/or partial theft, ordinary transit risks, loading and unloading maneuvers, warehouse to warehouse, storage, water damage, oxidation, contamination (contact with other cargos), stains, jettison, storage, breakage and/or crack, spillover, fire, explosion. Additionally some specific coverages can be included for marine cargo insurance such as: general average, shipwreck particular average, sweep, stranding, jettison, captain's or crew barratry and/or piracy.
The case of general average, are all damages caused on purpose on a vessel or on transported goods in order to avoid mayor damages on said vessel or in its cargo. The amount is proportionally distributed among the benefited parties by that intentional act (vessel proprietor, owner of goods, insurer, freight forwarder, etc.). About the particular average, it refers to all damages caused by accident on a vessel or its cargo. The amount, contrary to what happens on the general average, only affects the owner (insurer) of the damaged goods.
In case of cargo sweep, the insurance covers the loss of goods that are stowed on deck, that are swept due to ocean waves. Also, in case of jettison, insured goods are covered against material loss or damage when they are intentionally thrown to the sea by captains' orders, as long as it is settled on the ship's logbook as a result of a general average act.
Barratry coverage protects insured goods against direct loss or damages caused by illegal acts committed by the captain or the crew harming the insured party. Damages to the insured goods caused by the captain are excluded, if he is the vessel or cargo owner.