Cargo Insurance

CARGO INSURANCE

1. Insurance transported goods by sea
   Subjects covered:
   All kinds of ordinary goods, excluding coal, bulk oil, frozen food, frozen meat internationally transported by sea .
   Coverage:
   Under the conditions on insurance of goods transported by sea ICC 1/11982 (Institute Cargo Clauses – the insurance provisions issued by Institute of London Underwriters and widely used in the world), BSH is responsible for insuring for the risks below, unless otherwise excluded.
   Table comparing the risks insured / uninsured:

Risk	ICC (A)	ICC (B)	ICC (C)
Fires and explosions	V	V	V
Ships / transport means stranded, sunk, capsized	V	V	V
Motor vehicles overturned, derailed	V	V	V
Ships collided with each other or transport means crashed into any objects outside except for water	V	V	V
Unloading goads at the port of refuge	V	V	V
Earthquakes, volcanic eruptions, lightning	V	V	X
General average sacrifice	V	V	V
Goods thrown overboard or goods swept overboard	V	V	V
Water of seas, rivers, lakes overflows into the ship, barge, ship’s hold, container or place of storage	V	V	X
Loss of the entire cargo package dropped out of the ship or dropped while loading / unloading	V	V	X
General average losses and salvage charges	V	V	V
Pirate, theft and non-delivery	V	X	X

In which: V is insured , X is not insured
The exclusions in insurance policy of imported goods include:
– General exclusion clause: intentionally bad behaviors of the Insured; leakage, ordinary losses in weight; losses due to not properly packed; damages due to inherent defects, the peculiarities of the goods; damages caused by the delays; damaged due to the failure to repay debts; damages caused by weapons of war, atomic energy.
– Exclusion clause on inappropriate and insufficient seaworthiness.
– Exclusion clause on war risks: loss or damage caused by war, civil war
– Exclusion clause on strike risks: loss or damage caused by strikers; the consequences of the strike; terrorism.

2. Insurance of goods transported by air
Subjects covered:
All kinds of goods transported by air
Coverage:
BSH offers insurance for the following risks occurring to goods in transit:
– Fires and explosions
– Planes capsized, derailed during takeoff
– Planes colliding into each other or crashing into other vehicles
– Unloading at the shelter
– Earthquakes, volcanic eruptions, lightning
– General average sacrifice
– Loss of the entire cargo package dropped out of the plane or dropped while loading / unloading
– General average losses and salvage charges
– Pirate , theft and non-delivery

3. Insurance of transported goods in the territory of Laos
Subjects covered:
All kinds of goods are transported within the territory of Laos by road, rail, river and coastal vessels.
Coverage:
BSH provides insurance for the risks occurring to goods, including:
– Fires or explosions;
– Earthquakes, floods, cyclones, tsunamis and lightning;
–  Means of transport sunk,capsized, dropped, crashed, stranded, collided with each other or collided with several other objects or derailed;
– Trees fallen, or bridges, tunnels and other structures collapsed;
– missing means of transported ;
– General average sacrifice
Exclusions:
– Wars, strikes;
– Radioactivity and nuclear reactions;
– Bad actions, intentional or criminal acts by the Insured;
– Inherent defects of the goods; overloading, incorrect specifications in transportation;
– Packing in incorrect specifications;
– Leak, normal wastage;
– Means of transport does not meet the standard of circulation
– Losses, damages or expenses directly caused by the delay.