Getting to know international cargo insurance

What is cargo insurance?

Cargo insurance concepts According to Article 1 of the Insurance Law, approved in 1316, by concluding an insurance contract, one of the parties makes an obligation. Who, in exchange for payment of money or funds from the other party, compensates for the damage caused to him or pays a specified amount when possible events occur. In the insurance law, the obligee is the insurer, the obligee is the insured, the amount that the insured (the obligee) pays to the insurer (the obligee) is the insurance premium, and what they insure is the subject of insurance.

According to the mentioned cases, the three main parties in the insurance policy are:

Getting to know international cargo insurance

Insurer: It is an insurance company whose details are mentioned in the insurance policy and is responsible for compensating the possible damage to the policyholder based on the conditions previously stipulated in the insurance policy.

Insurer: is a natural or legal person whose name is the insurance policy, he buys the insurance coverage by paying the right.

Beneficiary: Beneficiary is a natural or legal person who is mentioned in the insurance policy to receive all or part of the amount of damage caused to the insured item, and this person can be the policy holder. In the cargo insurance policy, the beneficiary of the insurance policy is basically the recipient of the product.

Transport insurance training

The conclusion of the insurance and the conditions of the insurance must be written in the insurance policy document, and the amount paid by the insurer is called the insurance premium and the insurance rate or transportation rate is called its calculation factor.

According to Article 3 of Iran’s Insurance Law, the following items must be mentioned in the insurance policy:

Date of conclusion of the contract: It is necessary to include the date of conclusion of the insurance contract in the insurance policy.
Insurer’s name: It is mandatory to mention the name of the insurance company and its details
Name of the insured: the name and details of the insured must be written in the insurance policy, he insures his property by referring to the insurance company. The insured is either the owner of the subject of insurance or is legally responsible for the protection of the subject of insurance on behalf of the owner of the property or the beneficiary.
Subject of insurance: The subject of insurance is the item that is insured and the limit of the insurer’s obligation is also mentioned in the insurance policy.
Insurance premium: the amount paid by the policyholder to the insurer is stated in the insurance contract.

Conclusion

In this article, we tried to briefly describe the basic definitions of “familiarity with international cargo transportation insurance” and mention some general information about the insurance policy. If you have more questions about international shipping or if you need guidance or advice for shipping your products, you can contact the advisors of Iran and Africa Business Club.

ALL.
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