Cargo insurance
As part of the international import or export of goods, cargo insurance covers loss, damage, theft, or robbery of cargo between the place of departure and the place of destination, with transport by land, air, or sea.
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The insurance conditions are in line with international practice.
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We also protect you if your business partner does not have proper cargo insurance as required by the INCOTERMS.
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We compensate any amount of damage according to the insured coverage amount.
Broad coverage of insured risks
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Cargo damage
We provide compensation for damage to cargo caused during transport, as a result of negligence or other causes, such as:
- the cargo falls and is damaged while being loaded from a ship to a road vehicle;
- a defect in the refrigeration system causes the cargo to spoil;
- another load falls on top of it;
- a container with the cargo falls into the sea or is washed off the deck of the ship.
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Cargo theft and vandalism
We provide compensation for damages incurred as a result of cargo theft, attempted theft, or vandalism, for example:
- the cargo is illegally taken into the possession of third parties;
- food products were contaminated during unauthorised access, meaning that these products then need to be disposed of to comply with national epidemiological and hygiene laws and requirements.
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Vehicle accident, fire or explosion
We cover expenses incurred as a result of a vehicle accident, fire or explosion, for example:
- the vehicle is involved in a road accident during the transport of the cargo, and the cargo is damaged as a result;
- the ship suffers a general accident and, although there is no loss or damage to the cargo, a guarantee must be provided to enable the cargo to be handled, and the salvage costs must be reimbursed.
Frequently asked questions
In most cases, the insurance claim is paid in cash to the legal owner of the cargo.
Yes, you can split the cargo insurance premium into two or four instalments, or pay by declaration once a month.
Yes, you can take out single-use cargo insurance.
Yes, you can take out open cargo insurance for different types of cargo, on different routes and for repeat cargo transport trips.
If cargo is lost or damaged, you must immediately contact BALTA by e-mail at [email protected] or by phone on 675 333 75. Follow the instructions received.
If cargo is lost or damaged, you must immediately contact BALTA by e-mail at [email protected] or by phone on 675 333 75 at any time.
- Immediately, but no later than by the deadline specified in the corresponding transport convention, you must submit a written claim against any third party involved in the carriage of the cargo that may be responsible for the damage caused. You may also indicate that the amount of damage will be determined later.
- If necessary, representatives of the official authorities in charge must be involved.
- In the case of carriage by rail, a carrier statement must be prepared to record the damage to the cargo or its non-compliance with rail transport requirements.
- In the case of carriage by road, cargo damage, deficiencies, or other circumstances that could cause damage must be specified in the CMR consignment note during acceptance of the cargo for carriage or at the final destination. For example, it must be indicated who loaded, fastened and prepared the cargo for transport.
- Damage to the cargo must be recorded at the time of acceptance and a report must be prepared, accompanied by photographs showing the signs and extent of the damage.
BALTA may carry out a cargo inspection before insuring the cargo.
In the event of cargo loss or damage, BALTA may hire an independent expert.
In the event of cargo loss or damage, the owner of the cargo must determine and assess the amount of the damage and the circumstances under which it occurred. The damage must also be documented visually, and any documents available to the owner that describe the occurrence of the insured risk and the resulting damage must be submitted to BALTA.
The cost of cargo insurance depends on a number of factors: the type of cargo (fragile, foods, computer hardware, etc.), its value and amount, the scope of insurance coverage, the mode of transport, the geographical region, and the deductible amount chosen (the higher the company’s deductible, the cheaper the insurance policy).