International cargo transportation is regulated by numerous complicated legal acts and international conventions. These agreements limit the liability of the carrier in case of an insured event.
Generally, liability is determine by the cargo’s weight, which frequently does not cover the actual value of the cargo. We recommend insuring valuable cargo and light cargo (in case of an insured event the liability limit will be considerably lower than the actual value of the cargo). Also the requirement to insure cargo is often stipulated in sale and purchase agreements.
LLC Vostokflot service Shipping cooperates with leading Russian insurance companies; therefore, we are able to offer international transport insurance for cargo on the most favourable terms, according to international standards, including all-risk insurance. The insurance coverage can come up to 110% of the cargo value.
The insurance can also cover cargo protection, customs duties and transportation costs. Insurance rates are determined by the specific terms of transportation: the type of cargo and its value, the mode of transportation and distance. Depending on these parameters, the price can vary from 0.10% to 0.18% of the cargo value.