What Is Windstorm Insurance?

Waterway cargo transportation insurance refers to insurance established for the transportation of goods by water transportation means such as ships. Cargo transportation by water is an important part of domestic and foreign trade activities, especially sea cargo transportation, which has a long history and the most comprehensive legal regulations.

Waterway Cargo Insurance

Right!

Waterway cargo transportation insurance refers to insurance established for the transportation of goods by water transportation means such as ships. Cargo transportation by water is an important part of domestic and foreign trade activities, especially sea cargo transportation, which has a long history and the most comprehensive legal regulations.

Waterway cargo transportation insurance is divided according to geographical scope, and can be divided into domestic waterway cargo transportation insurance and international maritime cargo transportation insurance.

Chinese name

Waterway Cargo Insurance

Insurance duty

Liability for basic insurance

Exclusion of liability

War, military operations, seizures

Brief introduction

Long history and most comprehensive legal requirements

Insurance duty

1. Liability for basic insurance ^[1]

The insurer is liable for the loss of the insured cargo due to the following insured accidents: due to fire, explosion, lightning, hail, storm, heavy rain, flood, tsunami, cliff collapse, sudden landslide, mudslides; collision, stranding, and reef collision The bridge and wharf collapsed; the ship was sunk and disappeared due to the above two paragraphs; the loss caused by accidents during loading, unloading or retransmission; the general average sacrifice, sharing and rescue costs that should be borne according to national regulations or general practice; in In the event of the above-mentioned disaster, the goods are lost due to the chaos and the direct and reasonable expenses paid for the rescue or protection of the goods.

Common average refers to the special sacrifice and special expenses directly caused by intentional and reasonable measures taken for the sake of common safety during the same sea voyage when the ship, cargo and other property are in distress. This sacrifice and expense are worthwhile, avoiding larger losses with smaller losses. For example, a transport ship carrying two types of insured cargo sailing in a certain sea area, stranded on the way, and encountered a storm. The captain ordered that some heavy cargo be thrown into the sea, which made the ship out of danger and other cargo on board was preserved.

There are four elements that constitute a general average. First, the danger of general average must be an actual, unavoidable danger to the common safety of the cargo. Second, the general average must be intentional and reasonable. Again, the sacrifice and expense of general average must be special and a direct consequence of the general average. Finally, general averages must be effective.

The general average is shared by the benefiting parties (shipowner and cargo owner) in proportion to the value finally rescued.

2. Liability for Comprehensive Insurance

Comprehensive insurance has a wider range of insurance responsibilities. It includes both the basic insurance's insurance liability and the loss of goods broken, bent, dented, broken, or cracked due to collision and compression; Loss; loss of liquid cargo leaked due to damage to the container (including seal) used due to collision or crushing force, or loss of rotting and deterioration of the cargo preserved by liquid due to liquid leakage; loss of theft; compliance Damage caused by rain due to safe transportation regulations.

3 Exclusion of liability

The insurer is not liable for the loss of the insured cargo due to the following reasons: war, military operations, seizures, strikes, looting and riots; loss of the ship itself; before the insurance liability began, the insured cargo already had poor quality or short quantities Loss caused by the difference; natural loss of the insured goods, pollution, deterioration, and damage caused by essential defects and characteristics; loss caused by falling market prices and delays in transportation; loss caused by the shipper's liability; the insured and the insured Intentional acts or illegal and criminal acts; losses due to administrative or law enforcement acts; other losses not covered by insurance coverage.