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Cargo Insurance |
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Cargo Insurance is the best assistant for you to run inward and outward trading business
You may have invested considerable time and money on your products in order to meet the high standards demanded by your customers. However, your goods may suffer loss or damage whilst being transported from one place to another, such as due to Act of God or third party's negligence. Cargo Insurance will provide compensation for loss of or damage to the goods whilst in transit in accordance with the policy conditions. This will give you a peace of mind and safeguard your financial well-being in the event of any loss of or damage to your goods during transit.
Product Details
Coverage
In order to suit your different needs, Cargo Insurance offers a wide range of coverage options for different means of transportation:
| By Sea |
| Institute Cargo Clauses (A), (B), (C) |
| By Air |
| Institute Cargo Clauses (Air) (excluding sendings by Post) |
| By Land Transit |
| Overland Transportation Clauses (By Train, Truck) |
The coverage highlights of Institute Cargo Clauses (A), (B), (C):
(Box with tick'
'means the risk is covered)
| Loss or Damage Reasonably Attributable To | A | B | C |
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| Fire or explosion | |
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| Vessel or craft being stranded, grounded, sunk or capsized | |
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| Overturning or derailment of land conveyance | |
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| Collision or contact of vessel, craft or conveyance with any external object other than water | |
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| Discharge of cargo at a port of distress | |
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| Earthquake, volcanic eruption or lightning | |
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| Loss or Damage Caused By | A | B | C |
| General average sacrifice | |
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| Jettison | |
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| Washing Overboard | |
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| Entry of sea, lake or river water into vessel, craft, hold, conveyance, container, liftvan or place of storage | |
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| Total loss of any package lost overboard or dropped whilst loading on to, or unloading from, vessel or craft | |
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| Malicious Damage | |
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| Both to Blame Collision | |
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| General Average/Salvage Charges | |
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| Forwarding Charges | |
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Coverage Extensions
Depending on the nature of risk, Cargo Insurance can offer additional coverage and extensions. War and strike risks can be offered and, fresh water damage, breakage, seepage and leakage etc. can be extended under the Institute Cargo Clauses (B) or (C).
Premium
Competitive premium in accordance with the nature and value of the goods, voyage and the means of transportation.
Claims Procedure
| 1. | To contact the survey agent as stated in the policy immediately and apply for survey. |
| 2. | To claim immediately on the Carriers, Port Authorities or other Bailees for any missing packages. |
| 3. | In no circumstances, except under written protest, to give clean receipts where goods are in doubtful condition. |
| 4. | To ask the Carriers' or other Bailees' representatives to conduct survey if the loss or damage was apparent at time of delivery and claim against the Carriers or other Bailees for any actual loss or damage found at such survey. |
| 5. | To give notice in writing to the Carriers or other Bailees within three days after delivery if the loss or damage was not apparent at the time of taking delivery. |
Documentation of Claims
| 1. | Original Insurance Policy |
| 2. | Original or certified copy of Invoice and Packing List |
| 3. | Original or certified copy of Bill of Lading and/or other contract of carriage |
| 4. | Survey Report and other documentary evidence to show the extent of the loss or damage |
| 5. | Correspondence exchanged with the Carriers and other Parties regarding their liability for the loss or damage |
Governing Law of Policy: Hong Kong Special Administrative Law
For enquiries, please contact or visit our branch/sub-branches or commercial banking centres.
Note:
- The above information is supplied by China BOCOM Insurance Co., Ltd. and is for reference only. Please refer to the full wording of the policy provisions published by China BOCOM Insurance Co., Ltd. for detailed terms & conditions and exclusions.
- The insurance plan is underwritten by China BOCOM Insurance Co., Ltd. which is authorized by the Hong Kong Office of the Commissioner of Insurance to provide general insurance business. Bank of Communications Co., Ltd. Hong Kong Branch is an appointed insurance agent of China BOCOM Insurance Co., Ltd.
