Cargo insurance

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Cargo insurance

Cargo insurance is the mean that offer a step by step protection for goods throughout its journey.

The finality of the cargo insurance is to cover merchandise against different risks that may affect them during the transfer from one place to another and also, during certain periods (stops) or situations (loading and unloading maneuvers), related with the transportation.


Assurance of merchandise during vessel navigation.

Cargo insurance during transportation executed by railroad or by truck.

Insurance for cargo transported by aircraft.

Cargo Insurance

The cargo insurance (or freight insurance) is a contract agreed with an insurance company in which they assume all unexpected material damages and losses on the goods during land, air or marine transportation, on the risks specifically hired. This insurance can be hired by any person that has an interest on the transported cargo (private or public companies and individuals).

The cargo insurance can include different modes of transportation (separate or together) such as:

On the cargo insurance, the policy is the primordial document and given the purely formal character that the insurance contract represents, it is necessary its existence for validity. On the insurance policy, insurable risks are hired by the insured, on which the insurer is obliged to compensate the damages or losses caused to property during normal transport, by means of a determined premium payment, according to the general, particular or special agreed terms.

The compensation is the fundamental characteristic for the cargo insurance. The principles of compensation are based in that nobody can pretend higher compensations than the suffered damage or loss. Additionally the insurance cannot be a cause of profit of benefit for the insured. The compensation from the insurer must not present an advantageous situation as if the sinister would not happened.

The insured value must correspond to the value of goods at destination place, in the moment of the end of the voyage, according to the following basis:

Some factors must be considered on cargo insurance so that the insurance company can determine the insurance premium: type and size of cargo, means of transportation, route, intermediate transshipments, storages, shipping dates, insured claims history. In the case of the route, if goods are damaged outside of the route, compensation will not be effective.

For the cargo (freight) insurance, it is possible to cover a great amount of merchandise such as:

Están excluidas del seguro de transporte algunas mercancía como lo son:

The insurance company will not compensate on any of the following cases: