Subject of insurance
Subject of insurance covers all loads transported by land, sea and air being the subject of a commercial contract with reference to which transport service or freight service is provided by the Insurant.
Extent of cover
1. The Insurer’s liability covers damages consisting in destruction, loss or harm of the subject of insurance within the extent of cover and consequently to the reasons defined in:
1) Institute Cargo Clauses (A) 1/1/09 – ICC (A) 1/1/09
2) Institute Cargo Clauses (Air) (excluding sendings by Post) 1/1/09
3) Institute Strikes Clauses (cargo) 1/1/09
4) Institute Strikes Clauses (Air Cargo) (excluding sendings by post) 1/1/09
5) Institute War Clauses (cargo) 1/1/09
6) Institute War Clauses (Air Cargo) 1/1/09
2. Additionally insurance protection covers:
1. costs of utilization (physical damage) of a whole or part of a load unusable for any purpose as a result of an event covered by the insurance protection to 20% of sum insured, but not more than to PLN 100.000,00 per one event. Costs of utilization are reimbursed over the sum insured.
2. breakages understood as damages arising from natural properties of goods, subject to clause 4.3 ICC „A” 1/1/09 or correspondingly clause 3.3 ICC AIR 1/1/09.
3. The extent of cover defined in par. 1 point 3-6 does not refer to transport within the regions and states enumerated in the list of states and regions of increased political risk constituting appendix no. 12 to the Agreement, whereas the Insurer reserves the right of its modification in case of a change of the political situation.
4. As a part of this Agreement, the following shall apply:
1) Clause of 2000 (date recognition clause)
2) Institute Radioactive Contamination, Chemical, Biological, Biochemical and Electromagnetic Weapons Exclusion Clause 10-11-03,
3) Institute Replacement Clause 1/1/34 with reference to machinery and equipment,
4) Joint Excess Loss Committee Terrorism Exclusion Clause 16/11/01 Xl 2001/002.
5. Additionally in sea forwarding the following clauses shall apply:
1) Institute Classification Clause 01-01-2001 to the extent that the Polish Register of Shipping *KM is also accepted as a Classification Society.
2) ISM Endorsement Clause.
Insurance value and amount
1. Insurance value is the actual value of cargo in the place and time of shipment, specified in the seller’s invoice, increased by the transportation costs – if the Insured is obliged to incur them and by 10%.
2. Insurance value also covers customs duty payable in a destination country or – in the case the damaged cargo is sold in transit – the duty in the country of transit, on the terms of the Additional Cover for Duty clause.
3. Following the Underwriter’s written request filed by the Broker, upon the Underwriter’s consent, subject to the agreement of additional terms and the payment of additional premium, the insurance value may be increased by tax receivables – value added tax (VAT), excise duty.
4. The Agreement includes a limit of the amount insured, being the upper limit of responsibility of the Insurer for a given Insured Party for one means of transport of the amount:
1) USD 500,000.00 for motor transport,
2) USD 1,000,000.00 for marine transport,
3) USD 500,000.00 for other means of transport.
5. The Agreement includes the following limits of the amount insured, being the upper limit of the responsibility of the Insurer for the loads transported during one transport with reference to various Insured Parties:
1) USD 5,000,000.00 for motor transport,
2) USD 10,000,000.00 for marine transport,
3) USD 7,000,000.00 for other means of transport.
6. The amount insured is equal to the insurable value of the load with the reservation that in the event when the insurable value of the load exceeds the limit of the amount insured, the amount insured is equal to that limit, and the Insurer is held liable for the damage in the proportion in which the amount insured is to the insurable value (underinsurance)
7. Upon a written motion of the Insurance Taker submitted through a Broker, Insurer’s consent, settlement of additional conditions, and upon the payment of an additional premium, the amount insured of the loads defined in item 6 hereto may be increased up to their full insurable value.
8. The calculation of the currencies in order to define the insurable value and the total of amounts insured takes place according to the average exchange rates table of the National Bank of Poland from the day of commencement of the transport.
Franchise
1. Deductible franchise is applicable to this agreement. If the value of the damage is lower than the deductible franchise, the Insurer shall bear no liability for the damage.
2. Deductible franchise amounts to:
• For cargo worth up to USD 3,000 – no franchise
• For cargo worth above USD 3,000 – USD 200
3. The amount of the deductible franchise is calculated according to the average exchange rate of the National Bank of Poland effective on the damage date.
Subject of insurance covers all loads transported by land, sea and air being the subject of a commercial contract with reference to which transport service or freight service is provided by the Insurant.
Extent of cover
1. The Insurer’s liability covers damages consisting in destruction, loss or harm of the subject of insurance within the extent of cover and consequently to the reasons defined in:
1) Institute Cargo Clauses (A) 1/1/09 – ICC (A) 1/1/09
2) Institute Cargo Clauses (Air) (excluding sendings by Post) 1/1/09
3) Institute Strikes Clauses (cargo) 1/1/09
4) Institute Strikes Clauses (Air Cargo) (excluding sendings by post) 1/1/09
5) Institute War Clauses (cargo) 1/1/09
6) Institute War Clauses (Air Cargo) 1/1/09
2. Additionally insurance protection covers:
1. costs of utilization (physical damage) of a whole or part of a load unusable for any purpose as a result of an event covered by the insurance protection to 20% of sum insured, but not more than to PLN 100.000,00 per one event. Costs of utilization are reimbursed over the sum insured.
2. breakages understood as damages arising from natural properties of goods, subject to clause 4.3 ICC „A” 1/1/09 or correspondingly clause 3.3 ICC AIR 1/1/09.
3. The extent of cover defined in par. 1 point 3-6 does not refer to transport within the regions and states enumerated in the list of states and regions of increased political risk constituting appendix no. 12 to the Agreement, whereas the Insurer reserves the right of its modification in case of a change of the political situation.
4. As a part of this Agreement, the following shall apply:
1) Clause of 2000 (date recognition clause)
2) Institute Radioactive Contamination, Chemical, Biological, Biochemical and Electromagnetic Weapons Exclusion Clause 10-11-03,
3) Institute Replacement Clause 1/1/34 with reference to machinery and equipment,
4) Joint Excess Loss Committee Terrorism Exclusion Clause 16/11/01 Xl 2001/002.
5. Additionally in sea forwarding the following clauses shall apply:
1) Institute Classification Clause 01-01-2001 to the extent that the Polish Register of Shipping *KM is also accepted as a Classification Society.
2) ISM Endorsement Clause.
Insurance value and amount
1. Insurance value is the actual value of cargo in the place and time of shipment, specified in the seller’s invoice, increased by the transportation costs – if the Insured is obliged to incur them and by 10%.
2. Insurance value also covers customs duty payable in a destination country or – in the case the damaged cargo is sold in transit – the duty in the country of transit, on the terms of the Additional Cover for Duty clause.
3. Following the Underwriter’s written request filed by the Broker, upon the Underwriter’s consent, subject to the agreement of additional terms and the payment of additional premium, the insurance value may be increased by tax receivables – value added tax (VAT), excise duty.
4. The Agreement includes a limit of the amount insured, being the upper limit of responsibility of the Insurer for a given Insured Party for one means of transport of the amount:
1) USD 500,000.00 for motor transport,
2) USD 1,000,000.00 for marine transport,
3) USD 500,000.00 for other means of transport.
5. The Agreement includes the following limits of the amount insured, being the upper limit of the responsibility of the Insurer for the loads transported during one transport with reference to various Insured Parties:
1) USD 5,000,000.00 for motor transport,
2) USD 10,000,000.00 for marine transport,
3) USD 7,000,000.00 for other means of transport.
6. The amount insured is equal to the insurable value of the load with the reservation that in the event when the insurable value of the load exceeds the limit of the amount insured, the amount insured is equal to that limit, and the Insurer is held liable for the damage in the proportion in which the amount insured is to the insurable value (underinsurance)
7. Upon a written motion of the Insurance Taker submitted through a Broker, Insurer’s consent, settlement of additional conditions, and upon the payment of an additional premium, the amount insured of the loads defined in item 6 hereto may be increased up to their full insurable value.
8. The calculation of the currencies in order to define the insurable value and the total of amounts insured takes place according to the average exchange rates table of the National Bank of Poland from the day of commencement of the transport.
Franchise
1. Deductible franchise is applicable to this agreement. If the value of the damage is lower than the deductible franchise, the Insurer shall bear no liability for the damage.
2. Deductible franchise amounts to:
• For cargo worth up to USD 3,000 – no franchise
• For cargo worth above USD 3,000 – USD 200
3. The amount of the deductible franchise is calculated according to the average exchange rate of the National Bank of Poland effective on the damage date.
