Frequently Asked Questions

It is an agreement, through which an insurance company (insurer) is bound, upon payment of a premium by the insured party, to indemnify due to a loss derived from an imminent and fortuitous event on the insured property, within the agreed limits and damages caused to the insured party.

What are the named risk insurances? Type of insurance in which the risks covered are specified or mentioned in the policy, as well as the exclusions. For this reason, anything not covered will be excluded.

All covered risks, including ordinary and additional transit risks, less risks excluded as agreed between the insurer and the insured party.

It is the occurrence of the insured risk or the eventuality foreseen in the insurance agreement.

The action by which the insurance company grants risk coverage to the applicant or insured party.

It is the percentage paid by the insured party or deduction of an amount agreed with the insurer of a loss or damage suffered during an incident. The deductible percentage is established based on the probability that an incident or claim occurs.

It is a contractual instrument covering the transfer of risk from the insured to the insurer.

Referred to as a simple, specific or closed policy, it is an insurance agreement for a single trip/transit (event). The insured party knows in advance the characteristics of the trip and the amount of goods, as well as the means of transport to be used.

A coverage policy for variable sums or floating capitals, although it is more commonly known as automatic policy. This is a policy where the quantity of goods, vehicles and dates of dispatch, meaning the act of sending goods to their final destination, are undetermined at the time of signing the insurance agreement.

Also known as Block Policy, its transport insurance extends its coverage for import, export and/or local transit shipments, while considering a modality that can be land, sea or air, or multimodal in a period of time previously agreed under a fixed risk premium.

It is the period of time that the insured party has to claim insurance entitlements.

It is a set of safety measures applied in advance to prevent or make it difficult for a claim to arise and to ensure that, if the accident occurs, its consequences cause the least damage.

An agreement by which an insurance company either fully or partially covers a risk already covered by another insurance company, or takes over the remainder of the damage.

The liability to compensate the losses or damages caused to third parties by an error or omission on the part of the insured.

A potential event which, if it occurs, will result in loss and/or damage of any kind. It is characterized by being uncertain, random, possible, concrete, lawful and fortuitous.

Full bulk theft, partial theft, wettings, stains, rust, breakage, spillage, captain’s sweep, sweep, contact with other loads (all risks).

Basic risks in freight insurance. (Total theft, strikes, popular riots, loading and unloading maneuvers).

It is the cost of the insurance or amount that an insured or contracting party has to pay to an insurance company for the transfer of risk under the coverage offered to clients during a certain period of time. It can be done in a single payment or in installments, depending on what has been decided prior to the contracting of the insurance.

It is a term used to designate insurance agents and, in transportation, an intermediary agent or logistical operator who facilitates the contracting of services between the insured party and the insurer or between the seller and the buyer of goods.

Bona Fide is a fundamental and main principle of all contracts, literally “in good faith”. Bona Fide is a principle of ethical and moral character, so the parties must proceed with loyalty, honesty and with the conviction that by celebrating a certain act no one will be injured or deceived. The insured party must conduct in good faith. Statements form the basis for the insurance contract.

The maximum amount that the insurance company is obliged to pay in the event of a claim.

It is a document that derives from an insurance policy, issued by the insurance company. Some specifics of the contract are listed here.

Co-insurance refers to  when the risk is shared by several parties: the insured party and the insurer or the concurrence of two or more companies in the coverage of the same risk. Each company is only responsible for its share.

A term that refers to what the insurance company is covering in the event of a claim and as a consequence of this, such incidents are contemplated in the agreement.

The appraisal of the assets to be insured. It is the real and verifiable value of the goods.

? It consists of the invoice value of the goods, freight, customs charges, and taxes. It is everything that the client wants to be insured of expenses that have to do with the transfer of the shipment, except VAT.

It happens when the value that the insured or contracting party assigned to the insured item in a policy is higher than it really is.

The amount that the insurance company is contractually obliged to pay in the event of a loss covered by the policy that it has made after the deductions contracted in the policy (deductibles, coinsurance, subrogation of rights, etc.) the VAT tax in no case forms part of the amount to be compensated.

It occurs when the merchandise is not covered from the origin or beginning of its transit, but from an intermediate point, i.e. that it is insured in port or airport in origin or destination.

Any fact in which the will tending to the occurrence of damage intervenes. As a general rule, intentional damage is excluded from policies, except in those cases where it is carried out to avoid the damage or greater damage. An example would be a general average.

To the intent to cause harm. In accordance with Article 77 of the Law on Insurance Contracts, no insurance company is obliged to indemnify the damage if it is proven that any loss occurred as a result of fraud.

It is a statement in the agreement or insurance policy, by which its holder legitimates another person, called an endorsee in the exercise of the rights incorporated in said policy. The endorsement is considered an amendment to the insurance contract and therefore Articles 24 and 25 of the Insurance Contract Law must be taken into consideration.

The decision made by the insurance company that certain risks are not covered by the policy. Article 59 of the Law on Insurance Contracts states that the contract or policy must clearly and precisely state and describe the events excluded from coverage.

The monetary relationship that exists between a person and the goods to be insured. It represents the sincere and honest wish that a person or company has that a loss does not occur, since in consequence their assets or property would be damaged.

A function performed by those who, on a professional basis, are dedicated to the assessment or determination of the causes and consequences deriving from a claim, in order for the insurance company to be able to determine the amount of the corresponding compensation. Refer to  articles 117-121 of the Law on Insurance Contracts.

It is the act occurred where extraordinary expenses or effort have been made for the common safety of a ship and its cargo. The costs incurred are divided between each of the parties that benefit from the ship and the cargo being saved.

Term used to refer to actions aimed at preventing major damage to the means of transport and its cargo during and after an incident. Article 116 of the Law on Insurance Contracts and Chapter II of the Law on Navigation and Maritime Commerce.

In the event that, for any reason beyond the carrier’s control, a deviation, change of route under the charter or bill of lading, or if, through error or involuntary omission, the goods are unloaded at a different port or border town, the insurance coverage shall be extended and the insured party shall pay the corresponding additional premium. It is absolutely necessary that the insurer be notified of any changes in order to maintain coverage.

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