All Insurance coverage is subject to the full terms and conditions of the policy.
New lawful and approved good are insured against “All-Risk” of physical loss or damage from any external cause.
Limits of Liability
|$||250,000||Any one vessel or conveyance per any one account of the Assured, except that in the following cases, this insurance shall not cover more than:|
|$||15,000||Any one package or shipment;|
This insurance attaches from the time the goods insured commence transit and/or are located anywhere incidental to transit and continues during the ordinary course of transit until transportation terminates at final destination or the Assured’s interest ceases, whichever occurs first.
This insurance covers loss of or damage caused by the negligence of any third party who has possession or custody of or responsibility for the cargo insured hereunder during the time that this Policy is in force.
Warranted by the Assured that the interest insured hereunder is in sound condition at the time of the commencement of risk.
Claim Filing Requirements
Claims Reporting Time Frame(s)
It is understood and agreed that the following timelines for claims transmittal must be adhered to in order for a claims to be processed:
- Claims for packages marked “ delivered must be filed after 5 days and before 15 days from the date the packaged was marked “ delivered.”
- Claims for packages presumed to be lost (where the status is not “delivered”) must be filed after 7 days (20 for international) and within 30 days from the last checkpoint.
- Concealed Damage Losses – any loss or damage found upon the opening of original shipping packages at the final destination, but not exceeding Seventy-Two (72) Hours after delivery confirmation at the final destination, shall be adjusted and paid by this coverage in the same manner as though the original shipping package had been opened immediately upon their arrival, provided such losses would have been otherwise recoverable under the terms of this coverage. Nevertheless any packages showing visible signs of external damage are to be opened and examined immediately upon arrival and any such losses shall be reported in accordance with the claims procedures included in this coverage.
- Porch Piracy Coverage – if a package is confirmed to have been delivered to the final destination, but it is discovered that the package has been stolen or is missing, the Assured must file a claim with Underwriters within 24 hours of the date and time of the delivery confirmation. It is a requirement under this coverage that a police report be filed with local authorities within 48 hours of the date and time of the delivery confirmation with proof of filing to be provided to Underwriters. If video monitoring is in place, a copy of the video is to be provided to Underwriters within 48 hours of the date and time of the delivery confirmation. Once the police report becomes available, a copy is to be provided to Underwriters.
General Coverage Exclusions
This coverage does not insure against any loss, damage or expense attributable to or caused by:
- Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the goods insured;
- Willful misconduct, infidelity, conversion or dishonest acts of the Assured, or the Assured’s employees, whether committed alone or in collusion with others;
- Rust, oxidation or discoloration on unpacked and/or unprotected cargo;
- Loss of market or loss, damage, expense or deterioration arising from delay, whether caused by a peril insured against or otherwise;
- Inherent vice or nature of the goods insured;
- Insolvency or financial default of the owners, managers, charterers, or operators of the vessel where, at the time of loading of the goods insured on board the vessel, the Assured is aware, or in the ordinary course of business should be aware, that such insolvency or financial default could prevent the normal prosecution of the voyage. This exclusion shall not apply where the contract of insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the goods insured in good faith under a binding contract.
- Insufficiency or unsuitability of packing or preparation of the goods insured to withstand the ordinary incidents of the insured transit, but only where such packing or preparation is carried out by the party presenting the claim for payment, or its employees, prior to the attachment of this insurance (for purposes of this clause, “packing” shall be deemed to include stowage in a container, and “employees” shall not include independent contractors).Where a loss results from improper packing, but the claim is covered because the packing was not performed by the party presenting the claim for payment or its employees, it is the duty of the Assured to assist Underwriters in recovery efforts against responsible parties. It is further understood that no future claims shall be recoverable under this Policy which arise from improper packing performed by the same person or entity unless additional shipment(s) have already departed from the same shipper when improper packing is first discovered.
- Electrical, electronic and/or mechanical derangement unless the Assured is able to demonstrate that such damage is the result of a peril insured against;
- Shipments on chartered vessels that are not classed A1 American Record or equivalent by a member of the International Association of Classification Societies; chartered vessels over 40 years of age; vessels on break-up voyages; chartered barges; vessels built for service on the Great Lakes; vessels built solely for Military or Naval Service; or vessels built for carriage of dry bulk or liquid bulk cargoes, and which are more than 20 years of age;
- Any accident occurring while rolling stock cargo is being driven under its own power or being towed on its own wheels, except during loading and unloading and positioning by the steamship line.