Commodity Transportation Insurance With Commodity Transportation Insurance, you can provide assurance for all your goods, commercial or not, that are transported from one place to another on any transportation vehicle, against the risks they may encounter, with three types of coverage options.
Your collateral options;
Full Loss Coverage: The risk of the transported goods becoming completely damaged and unusable as a result of complete damage to the transport vehicle (ship, truck, plane, train) is covered.
Narrow Coverage: The risk of damage to the transported goods as a result of damage to the vehicle used for transportation is covered. This coverage has different names depending on the type of vehicle being transported, but it does not change the scope of coverage. Depending on the means of transportation, this guarantee takes the names given below.
On the highway; Truck Clause, in
Railway; Railway Clause,
Seaway; It is not possible to insure transportation made by Clause (C) or (FPA) Air with this coverage.
With narrow coverage, partial damages and expenses that may occur as a result of the risks listed below are covered.
By sea; Fire, explosion, ship running aground, sinking, burning, colliding with an object other than water, general average sacrifice and general average contribution share, rescue and assistance expenses, litigation expenses, complete loss of one or more parcels during loading and unloading.
On the highway; Loss and damage to the transported goods as a result of burning of the transport vehicle, crash, crash, fire, lightning, flood, collapse of the bridge, rollover of the truck or trailer, derailment of the train are covered.
Comprehensive Coverage: All risks that the goods transported within the scope of the Institute Cargo Clauses (A), known as the broadest coverage given for Transportation Insurance, are covered, except for the exceptions stated below. Damages and expenses arising from delays during transportation Damages caused by the goods itself, such as fire, decay, deterioration Damages caused by the goods' own defect, production (inherent defects) Insufficiency of packaging Damages and expenses caused by intentional malicious acts of the insured or his employees Radioactive contamination War and strike risks Normal leakage and loss, wear and tear, wear and tear. Bankruptcy and financial default of the owner. Atomic and nuclear warfare. Unseaworthiness and unfitness for cargo known to the insured. War, rebellion, GLKKNH, Terrorism Mouse, wolf etc. destruction caused by vermin. Forbidden and secret trade, smuggling, untruthful declaration, illegality, quarantine and wintering deferments, interest losses, exchange rate and market differences, war and strike risks can be covered for additional premium if desired. Domestic Carrier Liability Insurance With this insurance; Transporters who transport goods by road (whether the carrier is a person or a company) can insure the loss or damage that may occur in the goods they carry, situations that require their own responsibility, from the date the goods are delivered to them until the date they are delivered to the sender. Your collateral options; Total Loss: Liability situations arising from risks within the scope of total loss are covered. Narrow Coverage: Liability situations arising from risks within the scope of the Truck Clause are covered. Comprehensive Coverage: Liability situations arising from risks within the scope of the Institute Cargo Clauses (A) are covered.
What are the differences between Carrier Liability Insurance and Commodity Transportation Insurance?
In Commodity Transportation Insurance, the "insurable interest" is the physical existence of the goods, and in the other case, it is the legal liability of the carrier. While in Commodity Transportation Insurance, the "insured" is the owner of the goods, in Carrier Liability Insurance, it is the transportation company. In Commodity Transportation Insurance, the insurance cost consists of the invoice value of the goods and the expenses to be added to it. In liability insurance, there is a coverage limit that limits the insurer's liability, and this limit may be lower than the value of the goods carried in the truck. While Carrier Liability Insurance allows the damage to be covered in case of fault of the carrier, Goods Transportation Insurance allows to cover the losses and damages that occur, regardless of whether there is any fault or not, provided that it complies with the general and special conditions of the policy. Carrier Liability Insurance is provided only for road transportation. Commodity Transportation Insurance can be provided for all types of transportation.
