Cargo Insurance

Accident never warns. Did you know there are still many traders who become bankrupt because of losing their cargo during shipment? Did you know you can compensate damages with a cargo insurance, in case the liability insurance of the forwarding authorities is not sufficient or in case the shipping company is not recognized as the defaulting party?

The cargo insurance (cargo transportation insurance) is a policy that one party, by having received a premium from the second party, commits that in case during the cargo shipment from one place to another, the goods are destroyed or they receive the damages that covered by an insurance policy, as a result of the perils subject of the policy, the former will compensate the losses.

Why Cargo Insurance? Why SAVA Insurance Brokerage?

Although using advanced transportation systems has mitigated the intensity of damages during transportation, but the increased volume of traded goods and products has brought about many new risks. SAVA Insurance Brokerage Company, by presenting cargo insurances, tries to secure your capital against probable and unpredictable risks. Our goal is to provide quicker and more desirable services for our customers. SAVA IBC’s cargo insurance covers all risks pertaining to transportation of goods from/to different locations whether via sea, land, air or through a combination of them.
Different Cargo Insurances

We can classify cargo insurance policies, based on different criteria, which include: mode of shipment, origin and destination, and policy terms and conditions. However, cargo insurance is usually known to include international (import, export and transit) and domestic policies.

Import Cargo Policies
This policy is one of the documents required for opening L/C in the banks. The policy covers the risks threatening the goods purchased from different countries of the world. The International transportation policy is issued based on one of the standard clauses A, B and C, of London Underwriters Institute. In the international cargo policies (including import and export), the most comprehensive insurance cover is presented under Clause A (all-risk cover). This is while the policies with Clauses B, C and C plus non-delivery of a full package and total loss, have more limited covers, respectively.
Export Cargo Policies
The goods shipped from Iran to foreign countries, need export insurance policies based on the sale terms and conditions. The export policies are similar to import policies, and all issues mentioned for import policies are also applicable for export policies.
Transit Cargo Insurance
The origin and destination of some shipments are outside the borders of Iran and our country is only located on the route of the shipment. A transit insurance policy is issued for these types of shipments.