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Cargo Safe Insurance - Why Choose Cargo Safe |
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OPTION A
(Full Cover)
WE RECOMMENED
THIS OPTION A
OVER OPTION B
WHICH IS A LIMITED COVER ONLY
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- All Risks of loss of or damage
to the insured goods from any external
cause including Accidental
Damage during packing of the goods and in the period of transit to and from the place of departure and the place of destination
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OPTION B
(Restricted Cover) |
Loss of or damage to the insured goods resulting from the following events -
Note: This option B cover does not include accidental damage
- Fire and/or explosion
- Collision of vessel, aircraft, or conveyance
- Overturning and/or derailment of conveyance
- Crashing and/or forced landing of aircraft
- Stranding, sinking, or contact of vessel with any external object (ice included) other than water
- Entry of water into any vessel, hold, container, lift van or place of storage
- Theft, pilferage or non-delivery
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'Exclusions'
RISKS NOT COVERED BY
OPTION A or B |
If the goods are damaged or by any of the following circumstances, it is likley that any claim will be excluded:
- Delay.
- Confiscation or detention by Customs or other officials or authorities.
- Wear and tear, moths, vermin, normal atmospheric or climatic conditions.
- Inherent vice.
- Mechanical, electrical or electronic breakdown or derangement unless there is external evidence of the breakdown or derangement having been caused by an insured risk.
- Non-delivery of owner packed items unless an itemized, valued list of contents is supplied prior to the commencement of transit.
- Nuclear matter in terms of the Institute Radioactive Contamination Exclusion Clause current at the date of the policy.
Additional exclusions may be imposed depending on the cargo |
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| SUM INSURED, VALUATION AND PREMIUM - |
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Usually, insurance claims will be settled by the insurance company in one of the following methods:
- The reasonable cost of repairs or restoration in the event of damage.
- FULL REPLACEMENT COST for any items totally lost or destroyed, PROVIDED that such items are no more than 5 years old.
- INDEMNITY VALUE for any items totally lost or destroyed, if items are more than 5 years old. For the purpose of this insurance indemnity value shall mean the replacement cost less an assessed allowance for condition, age, wear and tear.
MOTOR VEHICLES are to be valued at the current market value at destination. |
The value for which you insure the goods for, must
be an accurate value otherwise any claim may be
reduced by the effect of co-insurance. An example
of co-insurance can be found in below.
EXAMPLE
OF CO-INSURANCE
If an Item is valued at $1000 but insured for $500. Cost of repairs is $600.
The Insurers will pay $500 divided by $1000 x $600 = $300 |
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