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CHUBB INSURANCE COMPANY has a high level of experience in marine insurance. We have a detailed knowledge of the Danish rules of transportation and the terms of export of Danish companies. Through our coorporation with Chubb, we can ensure the same high level of service and equitable claims handling worldwide.
Which insurance terms and conditions are applied?
CHUBB INSURANCE COMPANY offers Danish and internationally acknowledged insurance terms and conditions.
We insure new and packaged commodities against any damage or loss during transport, the so-called all-risk terms. Used or unpackaged commodities are insured against fire or explosion or accidents to the means of transportation.
Which type of loss is not covered by the insurance?
- The insured’s premeditated participation in the insurance event
- Inherent vice (the nature of the goods)
- Ordinary loss of weight or volume
- Inappropriate or inadequate stowage performed by the consignor
- Unsuitable or insufficient packaging
- Delay, without regard to the reason
- The insolvency of the forwarder
- Unsuitable means of transport, if the insured is aware of that
- Nuclear energy
- Insurance against war and strikes may be comprised, according to the agreement
Please contact CHUBB INSURANCE COMPANY if you wish to receive our insurance terms and conditions.
High level of flexibility
We offer annual policies with monthly payment of premiums based on the consignments or annual premium adjustment based on the turnover. We tailor the policy to the policy holder’s individual requirements, even if these requirements are out of the ordinary.
Claims handling
CHUBB INSURANCE COMPANY is able to provide the same, quick and equitable claims handling worldwide via Chubb’s global network with offices in more than 100 countries.
Please contact the Marine Insurance Department of CHUBB INSURANCE COMPANY for further information or a non-committal quote of marine insurance. We should be pleased to prepare a quote together with an insurance broker or a shipping agent.
Why insure goods during transport?
The transport of goods always involves innumerable risks such as fire, ship accidents, traffic accidents or theft. Unfortunately, it is not possible to completely avoid damage to or loss of goods during transport.
The terms of delivery agreed upon decide whether it is the seller or the buyer who bears the risk of the goods during transport. Incoterms are the most widely applied and internationally acknowledged terms of delivery and several of these terms demand that the buyer or the seller takes out a marine insurance.
Buyer’s and seller’s risks according to the 13 Incoterm clauses:
Buyer insures
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Seller and buyer insure
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Seller insures
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EXW
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Ex Works
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FAS
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Free Alongside Ship
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DES
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Delivered Ex Ship
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CIF*
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Cost, Insurance and Freight
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FCA*
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Free Carrier
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FOB
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Free On Board
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DEQ
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Delivered Ex Quay
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CIP*
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Carriage Paid To
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CPT*
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Carriage Paid To
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CFR
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Cost and Freight
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DAF*
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Delivered At Frontier
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DDU
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Delivered Duty Unpaid
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DDP
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Delivered Duty Paid
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*Seller
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Precarriage
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Seller
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Precarriage
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Seller
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Main carriage
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*Seller
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Obligated to insure the main transport on behalf of the buyer
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Buyer
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Postcarriage
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Buyer
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Main carriage
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*Seller
Buyer
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To frontier
Total transport
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The agreement on the terms of delivery is of great importance as such an agreement makes it possible to avoid any doubts as to whether it is the buyer or the seller who shall be financially responsible in case of a loss. CHUBB INSURANCE COMPANY is able to advise you on the contents of the individual terms of delivery.
Even though damage during transport most frequently occurs while the goods are in the care of the freight forwarder, it is still necessary to take out a marine insurance, as the freight forwarder rarely provides full compensation for lost or damaged goods.
The freight forwarder’s responsibility regarding international transports:
Means of transportation
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Limitation
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Claims must be lodged within
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Time bar
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Truck
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SDR 8.33 per kilo
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Visible: On delivery
Not visible: 7 days
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1 year
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Railway
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SDR 17.00 per kilo
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Visible: On delivery
Not visible: 7 days
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1 year
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Airfreight
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SDR 17.00 per kilo
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14 days
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2 years
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Vessel
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SDR 667.00 per cll.
SDR 2.00 per kilo
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Visible: On delivery
Not visible: 3 days
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1 year
| 1 SDR = abt. 9 DKK
The only way to obtain the best financial security and the least possible inconvenience as regards administration is to take out a marine insurance.
Please contact the Marine Insurance Department of CHUBB INSURANCE COMPANY for further information. We can advise you on marine insurance, and assist the owner of the goods in avoiding the complicated aspects of international transports. We should be pleased to advise you together with an insurance broker or Jumbo Transport.
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