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Cargo insurance provides protection against the risks to which the cargo or related material interests are exposed.
A typical risk is a damage to goods or equipment while in transit.
Cargo insurance can be purchased in two ways: by the shipper or by the consignee.
The shipper purchases cargo insurance to protect against losses incurred during transit and delivery, while consignees purchase it to protect against loss or damage occurring after delivery.
An insurer is a person who concludes an insurance contract with an insurer and pays an insurance premium. The Insurer may insure its own insurable interest and/or the insurable interest of another person. The insurable interest of another person is determined by the terms of the commercial transaction or by assignment in the case of a forwarding/carriage contract.
An insured is a person in whose favor an insurance contract has been concluded or a person in whose favor an insurance contract has been transferred, having an insurable interest.
Insurance risk is an objectively existing probability of property damage, the actuality of which is uncertain, unknown, and independent of the insured person’s will.
An insured event is the occurrence of a covered risk under the terms of the insurance contract.
An insurable interest is a legally recognized need for protection against the consequences of an insured event.
The insurance termis the term for which the insurance contract is concluded. The insurance contract can be signed for a fixed or indefinite term. The insurance contract can be signed for a fixed or indefinite term.
The period of insurance coverage is the period in which the Insurer bears the risk under the insurance.