1. Basic Coverage

This insurance covers all risks of loss or damage to the insured property, except where they are excluded.

Paragraph: This coverage is extended to reimburse the insured for reasonable and proven expenses incurred, to avoid the extension or spread of the loss and to attend to their rescue, as long as the sum between these expenses and the value of the compensation does not exceed the insured value.

2. General Exclusions

In no case will this insurance cover:

  • Loss, damage or expense attributable to intent or gross negligence of the Insured.
  • Spillage, ordinary shrinkage, normal loss of weight or volume, or ordinary wear and tear of the insured property.
  • Loss, damage or expense caused by insufficient or inadequate packaging or by improper conditioning of the insured goods to withstand the ordinary incidents of insured traffic, when said packaging or conditioning is carried out by the insured or his employees, or beforehand. to the validity of this insurance.
  • Note 1: The technical annex to this policy contains definitions that are binding on the insured.
  • Paragraph: For the purposes of this insurance contract, the term packaging shall be considered to include stowage inside a container, trailer, van or any other cargo unit; and that the term employees does not include independent contractors.
  • Loss, damage or expense caused by own defect or the nature of the insured property.
  • Loss, damage or expense directly caused by delay, even if the delay is caused by an insured risk (except expenses payable under Clause 2 of this insurance contract).
  • The loss, damage or expense caused by the insolvency, cessation of payments or breach of financial obligations of the carrier, or of the owners, shipowners, operators, administrators, charterers or operators of the ship, aircraft, truck, or in general of the means of transport in respect of which the Insured knew at the time of loading the insured property, or in the ordinary course of business he should know, that such insolvency, cessation of payments or breach of financial obligations could impede the normal development of the trip.
  • Paragraph: This exclusion will not apply, when the insurance contract has been transferred to the party who presents a claim under this contract, who has bought or has agreed to buy the insured good in good faith, by virtue of a binding contract.
  • The loss, damage or expense directly or indirectly caused by, or arising from, the use of any device that employs atomic and / or nuclear fission or fusion or other similar reaction or radioactive force or matter.
  • The taking of samples by the competent authority, confiscation, seizure and seizure, retention, apprehension or, in general, any act of authority over the goods or the means of transport.
  • Exclusion of unseaworthiness, non-airworthiness and lack of conditions of the means of transport.
  • In no case will this insurance cover loss, damage or expense arising from:
    • The unseaworthiness of the ship, the lack of airworthiness conditions of the aircraft, or the lack of aptitude of the means of transport for the safe transport of the insured goods, when the insured or his employees are aware of such unseaworthiness, lack of conditions of airworthiness or lack of fitness, at the time the insured goods are loaded onto said ship, aircraft or means of transport.
    • This exclusion shall not apply, when the insurance contract has been transferred to the party making a claim under this contract, who has bought or has agreed to buy, in good faith, the insured property, by virtue of a binding contract.
    • The lack of suitability of the container, trailer, van or any other cargo unit used for the safe transport of the insured goods, when the process of loading these goods in or on said cargo units has been carried out prior to the validity of this insurance contract, or when this process has been carried out by the Insured or his employees and they are aware of such lack of aptitude at the time of loading.
  • Chubb waives to invoke any violation of the implicit guarantees of navigability of the ship, of airworthiness of the aircraft and of the suitability of the means of transport used to transport the insured goods, or of the suitability of the container, trailer, van or any other unit of cargo used to transport the insured goods, unless the Insured or his employees are aware of such unseaworthiness, lack of airworthiness conditions or lack of fitness, at the time the insured goods are loaded on said ship, aircraft or conveyance.
  • War Exclusion
    • In no case will this insurance cover loss, damage or expense arising from:
      • War, civil war, revolution, rebellion, insurrection, or civil strife resulting from it, or any hostile act committed by or against a belligerent power.
      • Capture, kidnapping, arrest, rooting or freezing, restriction or detention (except piracy) as well as the consequences of any of these acts or any attempt to carry out one of these acts.
      • Abandoned mines, torpedoes, bombs or other weapons of war.
  • Strike Exclusion
    • In no case will this insurance cover loss, damage or expense:
      • Caused by strikers, workers affected by lockout or people who take part in labor disturbances, riots, riots or civil commotions.
      • Resulting from strikes, lockouts, labor disturbances, riots, riots or civil commotions.
      • Caused by any terrorist act, this being an act committed by any person in their own name, or in connection with any organization that carries out activities aimed at the overthrow or attempted overthrow, or undue pressure, by force or violence, of any government regardless of whether it was legally constituted or not.
      • Caused by anyone acting for political, ideological or religious reasons.

3. DEDUCTIBLES
The deductibles depend on the type of risk to be insured and the insured limits.

4. GRANT PERIOD
Does not apply.

5. TIME OF PERMANENCE
Does not apply.

6. AGE LIMITS
Not Applicable.

7. AUTOMATIC RENEWAL
No.

8. UNILATERAL REVOCATION
No.

9. SUBROGATION
No.

10. COEXISTENCE

  • If the insured takes any other insurance on the goods covered by this contract, it will be considered that the agreed value of the cargo is adjusted to the total sum insured under all the coexisting insurance contracts, and that the protection of this contract will be the proportion of the sum insured in this policy.
  • In the event of a claim, the insured must submit to Chubb evidence of the sums insured under all coexisting insurance.
  • When other insurances are subscribed on the merchandise object of this contract, the following clause will be applied:
  • The agreed value of the cargo will be equal to the total sum insured under this insurance, and any other that covers the loss; and the protection of this contract will be only the proportion of the sum insured in this policy, in relation to the other coexisting insurance.
  • In the event of a claim, the insured must submit to Chubb evidence of the sums insured under all coexisting insurance.

11. PREMIUM
It depends on the particular conditions of each business to be subscribed.