Merchandise insurance

Merchandise  insuranceThe Dialogistik Ukraine Company company offers the additional service of “all risks” merchandise insurance. What is the difference between all risks insurance and GMR-insurance that most of carriersprovides for international goods carriage? The carrier liability insurance (CMR- insurance) covers the merchandise damage or loss only within the insurance contract value which may be lower than the value of the merchandise. As for the merchandise all risks insurance procedure it is quite simple – you should only fill in the insurance form specifying standard information about the goods and the transportation. All risks insurance is usually 0.2-0.35% of the invoice amount. If the goods are not insured against "all risks" and the carrier doesn’t provide with CMR-insurance all the possible goods damage or loss will be reimbursed at a rate of 8,33 SDR per 1 kg gross, according to the CMR Convention.

In the case of an insured event a customer or a consignee must correctly arrange the following documents and actions:

- to fill in Column 24 of the GMR indicating the quantity of the goods damaged;
- to take a picture of the damaged goods until them have been unloaded with a visible the license plate number of the vehicle;
- to make a cargo examination documents (damage certificates) in the presence of the customer (the consignee), the carrier (the driver) and a representative of the Chamber of Commerce (the signatures of the representatives are optative).

The availability of the above-mentioned documents, as well as the original invoice, will speed up the process of payment of the insurance compensation.

* SDR - the calculated (virtual) currency of IMF is used as a reserve asset in addition to gold and foreign exchange positions of IMF member countries. The rate of SDR as a settlement currency of IMF is currently defined in 4 currencies: US dollars, euros, British pounds and Japanese yen.