Financial
Deductible
Amount the insured must absorb from each loss or damage before the insurance company begins to pay. The higher the deductible, the lower the insurance premium and vice versa.
Amount the insured must absorb from each loss or damage before the insurance company begins to pay. The higher the deductible, the lower the insurance premium and vice versa.
Amount the insured must absorb from each loss or damage before the insurance company begins to pay. The higher the deductible, the lower the insurance premium and vice versa.
Insurance Premium
Amount paid to the insurer as consideration for cargo insurance coverage. Calculated as a percentage of insured value (generally CIF + 10%) considering type of goods, route, and contracted clause.
FinancialInsurance Franchise
Minimum damage threshold below which the insurer does not respond, but once exceeded, covers the entire damage. Different from a deductible where the established amount is always deducted.
FinancialMarine Cargo Insurance
Policy protecting the insured against losses or damage to goods during maritime transport. Can cover from basic risks to all risks depending on the contracted ICC clause.
FinancialICC Clause A
Broadest cargo insurance coverage from the Institute of London Underwriters protecting against all risks of physical loss or damage to goods, with expressly listed exclusions. It is the highest level of protection.