Subject - matter insured
Goods in transits in the territory of Vietnam or to countries sharing a land border with Vietnam.
Scope of cover
According to the BIC’s“General Conditions Inland Transit Insurance in Vietnam”, the covered risks are summarized as follows:
Losses of or damages reasonably attributable to the following reasons:
• Fire or explosion.
• Overturning or derailment of land conveyance;
• Vessel or conveyance being stranded, grounded sunk or capsized, had collision or contact with any external object other than water.
• Discharge of cargo at a port of distress.
• Earthquake, typhoon, inundation, cyclone catastrophic, tsunami, volcanic eruption and lightning.
• Blowing down of tree, collapse of bridge or tunnel and other structures.
• Means of transportation of cargo being missing.
Losses of or damages caused by:
• General average sacrifice;
• Jettison or washing.
Main exclusions
According to the BIC’s “General Conditions Inland Transit Insurance in Vietnam”, the main exclusions are briefly summarized as follows:
• Wilful misconduct of the Insured
• Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear, inherent vice or nature of of the subject-matter insured
• Insufficiency or unsuitability of packing or preparation of the subject-matter insured
• Delays
• Insolvency or financial default of the owners managers charterers or operators of the vessel
• Radioactive, nuclear
• Unseaworthiness of vessel or craft or unfitness of vessel or craft
• Unfitness of container or conveyance.
• Wrongful act of any person or persons (*)
• War risks, strike risks (*)
(*) may be covered by additional terms.
Insurance Premium
Please contact BIC to get proper rates for the coverage of each type of goods.
Formula for calculating premium:
• Premium = Premium Rate (%) x Insured Amount
• Premium rate = Base rate + Additional rate (if any)
• Sum insured is normally calculated on 100% or 110% of invoice value.
Importance Notes
• Always read the insurance policy carefully and feedback BIC if there is any error.
• Take reasonable precautions for the purpose of preventing or minimising loss
• Make sure all of the rights against carriers, bailees or other third parties are properly preserved and exercised
• Contact BIC to be timely advised and guided when there are problems arisen.