Insurance
Goods in Transit (Cargo) Insurance

What is Goods in Transit (Cargo) Insurance

• Voluntary insurance for cargo owners and related material interests against loss and/or damage during transport in Bulgaria or abroad, regardless of the type of vehicle.

Insurance coverage:

• fire or explosion;
• grounding, sinking or capsizing of a ship or vessel, collision or contact of a ship, vessel or vehicle with any external object other than water;
• overturning or derailment of a land vehicle;
• unloading of cargo at a port of distress;
• general average expenses;
• jettison;
• salvage expenses;
• earthquake, volcanic eruption, or lightning;
• total loss of any package lost overboard or dropped during loading or unloading of a ship or vessel;
• entry of sea, lake, or river water into a ship, vessel, hold, vehicle, container, lift van, or storage place;
• rainwater;
• malicious acts;
• pirates;
• theft.

The risks specified in the insurance contract are covered. Coverage is in accordance with the General Terms and Conditions and Institute Cargo Clauses:

Institute Cargo Clauses (A) – full coverage;

Institute Cargo Clauses (B) – limited coverage;

Institute Cargo Clauses (C) – minimum coverage;

Other specialized cargo clauses applicable and used on the international insurance market, corresponding to the type of cargo or mode of transport, at the discretion of the Insured. Different risks may be grouped together.

What are my obligations?

Upon conclusion of the contract:

• to answer all questions asked by us upon conclusion of the insurance contract, providing us with accurate, true, and complete information;
• to submit the documents requested by us;
• to pay the insurance premium.

During the term of the contract:

• take the necessary measures to prevent events that may lead to the occurrence of an insured event covered by the insurance contract;
• notify us immediately upon becoming aware of any circumstances that increase the risk and of any changes or new circumstances that we have asked about in writing when concluding the contract.

Upon the occurrence of an insured event, except in cases of actual impossibility:

• notify us in writing, in the event of an occurrence, within the agreed time limits;
• submit a written notification, in accordance with the template, to our office and provide the necessary documents when filing a claim;
• invite the emergency commissioner specified in the policy to conduct an inspection to determine the extent and causes of the damage;
• notify the relevant competent authorities (police, fire department, etc.);
• take all reasonable measures to prevent, limit, or reduce the damage, as well as to clarify the extent of the loss or damage;
• take and perform the necessary steps and actions against third parties for the losses and/or damage caused by them to the insured cargo, as well as to determine the damage and its extent;
• provide us with all necessary documents proving the occurrence of the insured event.

Term of coverage:

• The insurance may be taken out for a specific period (subscription insurance) or for a single shipment.
• The period of insurance coverage shall commence at the time and date specified as the start of the shipment in the policy, provided that the insurance premium has been paid.
• Insurance coverage for each transport is effective from the moment the goods leave the warehouse or storage place specified in the policy, continues along the usual route of transport, including forced unloading, loading, transshipment and transloading of the cargo, as well as deviations due to circumstances beyond the carrier's control or made in order to save human life or property, or which were unavoidable for the safety of the vehicle, and ends at the place specified in the policy.
• The insurance coverage expires at the moment of unloading the goods from the vehicle at the place specified in the contract of carriage as the end of the carriage, as detailed in the General Ters and Conditions and the Institute Cargo Clauses.