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We are introducing a new function of cargo insurance in Ocean Freight realized by DB Schenker. Let’s take a look at the differences between an accident happening to cargo with and without additional insurance.

What is our insurance settlement in a case of a General Average, damage of goods in the container or loss of cargo?

We proceed according to the Hamburg rules and the rules and conditions of TGOL Ocean and Combined Transport Bill of Lading or the Sea Waybill. The insurance settlement in the case of a claim is up to the limit of 2,5 SDR for a kg of damaged or lost cargo, or up to 835 SDR for a unit.

What are the 3 key advantages of cargo insurance?

  1. In a case of a claim the insurance company quickly solves the claim and pays out for the damage compensation.
  2. This insurance doesn’t consider the limits according to the conditions of B/L. In a case of partial of complete loss of cargo, the insurance pays out the complete cost of goods up to 110 % of value including the freight costs.
  3. Zero deductibles.

What is the scope of the insurance – new goods?

– theft
– wreckage, destruction of the ship
– contribution to a General Average
– accident of a land transport vehicle transporting the cargo
– derailment
– fire, explosion
– earthquake, volcanic eruption, lightning strike
– unloading of cargo in an emergency port
–throwing over, or washing over of insured goods from the deck of the ship
– ingress of water from the sea, lake or a river into the vessel, shipping container or the place of storage
– The full loss of a package lost overboard, fallen out while being loaded into the vessel or while being unloaded out of the vessel or a boat

Even though additional cargo insurance is so called „all risks“ insurance, there exist a few exceptions, e.g. unfit packaging of cargo, weather conditions (e.g. condensation of water), fix day delivery, war risks etc. You can find more information in the General insurance conditions for additional insurance of transported cargo here and here.

What is the price?

The rate amount depends on the type of goods and type of freight – the indicative rate is 3 % from the value of goods.

For more information about insurance conditions, contact us on:
oceanbrno@dbschenker.com, tel: +420 544 520 830
oceanliberec@dbschenker.com, tel: +420 485 210 615
oceanprague@dbschenker.com, tel: +420 311 711 511

Flyers can be downloaded here:

Cargo_insurance_ocean_freigt-2023.pdf

Are you intrested in cargo insurance for other freight? You can find all information in this article.