Cargo and transportation insurance


General losses:
One of the principles of the law of the sea is that all parties involved in a voyage shall have a proportionate share in any damage caused by the voluntary sacrifice of a part of the ship or its cargo in order to save it from an emergency.

Assignment agreement whereby the insurance company reinsures part of its insurance liabilities in excess of its financial and technical capacity with the company or other insurance companies (reinsurance companies).

Bill of lading:
The bill of lading is a securities issued by the Freight and Transportation Insurance Institute and the specifications of the goods, the name and address of the recipient and sender of the goods, the amount of freight, the specifications, the number and weight of the goods are stated in it. The bill of lading is a contract of carriage, a receipt for the goods and a document of ownership.

Total Loss:
Only the complete loss of the insured at one stage due to fire, drowning, plane crash. This “insurance” is valid only until it reaches the entry points of the destination country.

Real: That is, when the goods are completely destroyed, for example in the event of a fire or drowning.
Hypothetical: It is when the cost of repairing or renovating the goods is so much that it exceeds its real value. In this case, the insurer prefers to pay compensation.
Insured value:
If no special agreement has been reached between the insurer and the insurer, the insured value includes the total purchase price of the goods, shipping costs and non-profit.

The non-benefit of this “insurance” is equal to 10% of the total purchase price of the goods and their shipping costs ،, unless otherwise expressly agreed.

What is participation?
That is, carrying many times; This means that the insured goods are transported in several stages from the origin to the destination stated in the insurance policy.

What is Transshipment?
The transfer of goods from one vehicle to another is a transaction. This type of transportation is more common in combined transport, in which various vehicles such as ships, planes, trains, trucks, trailers and other means are used to send goods to the destination. Transmission flow is often accompanied by unloading and reloading and is in two forms of direct transmission and indirect transmission.

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