The insurance covers the liability of the Insured, as a carrier of goods by road, according to the Convention on the International Carriage of Goods by Road (CMR)
The policy can be one-time or subscription.
The limit of liability of the Insurer is up to the actual value of the missing or damaged cargo but not more than the amount of compensation specified in Art. 71, para. 3 of the Road Transport Act.
Goods in transit, subject to import, export and re-export which travel at the risk of the Insured against loss and/or damage during their transport to and from all countries in the world and on the territory of the Republic of Bulgaria, are insured. Subject of insurance are goods carried under a bill of lading or other contract of carriage with any type of recognized vehicle. The insurer of the cargo, against an insurance premium, undertakes to indemnify the beneficiary of the insurance in case of an event covered under the terms of the insurance contract in order to return the Insured to the economic condition in which he was before the event occurred.
Institute Cargo Clauses
Clause A – covers all possible risks of loss or damage to the insured cargo during transport, except for the risk of war, political unrest, strikes, riots, bankruptcy of the Insured, bankruptcy, exchange rate differences on the value of goods on the stock exchange, intentional action or inaction of the Insured, as well as damages caused by insufficient or inappropriate packaging or by unfitness of the vehicle. The risks covered include fire, explosion, traffic accident, natural disasters, theft but this risk in our country is excluded in case of theft of the entire vehicle.
Clause B-covers fire, natural disasters, earthquakes, wetting of cargo, entry of wet or river water into the hold or container, partial or complete loss of a package of goods but according to Insurers it is very rarely purchased.
Clause C – is specialized and covers only fire, explosion, traffic accident and total loss. It insures goods in bulk or in liquid condition.
Covers total actual or constructive loss of an insured small vessel – boat, speedboat, yacht, etc.
Damages resulting from the management of aircrafts are covered. There is opportunity to conclude the following types of insurance: Casco, Casco franchises (including aircraft hull)