Cargo insurance covers potential risks which may occur during the transport of the goods either within Greece or to goods imported or exported from the country by any recognized means of transport (car, ship, airplane, train etc.). The terms of the transport insurance are governed by the LLOYD’S Clauses and the cover provided is briefly described in the following categories:
- Coverage with Clause A (All Risks) covering all risks of damage during the trip, with the exception of events that are permanently excluded from insurance policies. Indicatively, fraudulent claim for damages, contamination by radioactive materials, etc. can be mentioned as an example.
- Coverage with Clause B (concerns named risks) which covers key risks, as is clause C, but has a wider coverage without however approaching standards of clause A.
- Coverage with Clause C (concerns named risks) that covers the main risks, with which the client will be compensated if and when specific events occur, which have to do exclusively and only with specific risks, such as:
- Inland transport: fire, impact, collision, overturning, deflection from the road (derailment or deviation from the roadway) and other related risks of accident (incidental, independent of one’s will, with direct consequence of material damage to insured objects)
- Maritime Transport: fire, grounding, sinking, collision, participation in general average and other related risks deriving from an accident (incidental, independent of one’s will, with direct consequence the material damage of the insured objects)Of these clauses, Clauses A & C are most commonly used. Additionally, these clauses can be expanded with individual insurance coverage such as: war risks, strikes, malicious acts, label cover etc, according to the needs of our clients.