This insurance policy is ideal for the buyer / seller / financier of the goods as well as any person bearing a reasonable expectation of acquired interest in the goods.
What Can Be Insured
This insurance policy provides protection for all types of cargo in transit by air (import / export).
While the cargo is on board the aircraft.
Overland transit prior to and after air transit.
During storage incidental to such transit.
This policy insures the goods specified against all risks of loss or damage except for those specifically excluded. The cargo stands insured for the entire transit period, including the storage incidental to transit.
The duration of the cover is normally on a "warehouse - to - warehouse" basis and it ceases after 30 days from the date of discharge from the aircraft or reaching the final warehouse or "entering the bond" whichever occurs first.
The insurance policy pays the total / partial loss of the property insured as long the contingency was caused by an insured peril. The insurance policy extends commercial indemnity to the insured that is disparately distinct from strict indemnity under other classes of insurance.
Valid claims are paid as per the agreed value. Claims arising from partial losses are paid on the basis of the proportionate insured value.
Expenses, reasonably incurred to avoid or minimize the loss as well as admissible survey fees incurred for ascertaining the claim are also payable.
Customs' duties and profit element are payable only if insured. They are payable on the actual incurred and not on the agreed basis.