Marine insurance

It is a contract, called a policy, through which an insurance company (the insurer) undertakes, upon the charge of a premium, to indemnify a loss arising from an imminent and fortuitous event on the insured property, within the agreed limits, as well as the damage and/or harm caused to the insured.

It is a term referring to what the insurance company undertakes to cover in the event of a claim and, as a consequence thereof, there is the eventuality provided for in the contract.

It is the valuation of the goods intended to be insured. It is the real and verifiable value of the merchandise..

It is comprised of the invoice value of the merchandise, freight, customs expenses, and taxes. It is all that the client wants to ensure from expenses having to do with the transfer of the shipment, except VAT.

It is a contractual document that protects the transfer of risks from the insured to the insurer.

Known as a simple, specific or closed policy, it is an insurance contract for a single trip/route (event).

A floating policy is that one in which the insured is granted an "open" guarantee, the increases or reductions of which can be established. In this way, the insurer calculates the premiums and the importer or the exporter have a guarantee of all the movements thereof (the declarations are agreed to in arrears).

Also known as "block policy", whose transport insurance extends its coverage for import, export, and/or local transit shipments, whilst considering a modal, which may be land, sea or air, or multimodal within a previously agreed period of time under a fixed risk premium.

It is the cost of the insurance or economic contribution that an insured or contracting party must pay to an insurance company for the transfer of risk under the coverage that the latter offers to its clients during a certain period of time.

It is the fundamental and characteristic principle of all contracts. Good faith is a principle of an ethical and moral nature, so the parties must proceed with loyalty, honesty, and with the conviction that when performing a certain act no one is injured or deceived. The insured must act in good faith. Their statements form the basis for the insurance contract.

It is the maximum amount that the insurance company is obliged to pay in case of loss.

It is a document derived from an insurance policy, issued by the insurance company. Some of the particular conditions of the contract are set forth herein.

It is the participation of the insured, through the payment or deduction of an amount agreed with the insurer, in a loss or damage suffered during a claim for an accident. The percentages thereof are established on the basis of the probability that an accident occurs.

These are a type of insurance in which the risks covered by the policy, as well as the exclusions thereof, are indicated or mentioned. For this reason, anything not covered by such policies will be excluded.

It is an act whereby the insurance company grants risk coverage to the insurance applicant or contracting party.

In international law, it refers to the expiration of the time the insured has to assert their rights.

It is the manifestation of the insured risk or the eventuality foreseen in the insurance contract.

It is a set of security measures applied in advance to avoid or make it difficult for an accident to arise and ensure that, should it should occur, its consequences cause the least damage.

It is the contract through which an insurance company takes charge, totally or partially, of a risk already covered by another insurer or takes charge of the remaining damage.

It is the responsibility to compensate the losses or damages and/or damages caused to third parties as a result of an error or omission on the part of the insured.

It is where the risk is shared by several parties: the insured and the insurer, or the concurrence of two or more companies in the coverage of the same risk. Each company is only responsible for the share of participation it has assumed.

This occurs when the value that the insured or the contracting party attribute to the insured object in a policy, is greater than the actual value thereof.

It is the amount that the insurance company is contractually obligated to pay in the event of a loss covered by the policy, which the insurance company has made after the deductions contracted in the policy (deductibles, co-insurance, subrogation of rights, etc.). The VAT tax is in no case part of the amount to be compensated.

It is any act in which the will of a party intervenes tending to cause damage. As a general rule, intentional damage is excluded from the policies, except in those cases in which it is carried out to avoid damage or greater damage. An example thereof would be the gross average.

It is the intention of causing harm. In accordance with the provisions of Article 77 of the Law of the Insurance Contract, no insurance company is obliged to compensate the damage if it is proved that a loss has occurred with intent.

It is a statement included in the insurance contract or policy, whereby its holder legitimises another person, called the endorsee, in the exercise of the rights included in such policy.

It is the decision made by the insurance company by virtue of which certain risks are not covered in the policy.

It is the monetary relationship that exists between a person and the goods to be insured. It represents the sincere and honest wish of a natural or legal person that a loss does not occur, inasmuch as a result thereof their goods might sustain a loss.

It is an activity developed by those who, possessing a professional nature, are dedicated to the assessment or determination of the causes and consequences derived from an accident, so that the insurance company may determine the amount of the corresponding compensation.

It is an act where some sacrifice or extraordinary expenses have been made for the common safety of a ship and its cargo. Any costs incurred are divided amongst the parties, who benefit from the ship and cargo being saved.

It is a term to refer to the actions intended for avoiding major damage to the means of transport and its cargo, during and after an accident.

Where, for any reason beyond the carrier's control, a deviation, a change of route in accordance with the charter contract or bill of lading, has to be made, or if by mistake or involuntary omission the goods are unloaded in a different port or border city, the insurance coverage will be extended and the insured shall have to pay the corresponding additional premium.

The Incoterms are a frame-work that helps to define the responsibilities of the buyer and the seller, and are recognised as the international standard by the customs authorities and courts of major trading nations. They are standard trade definitions issued by the International Chamber of Commerce. The Incoterms also specify the loading and unloading responsibilities of the buyer and seller. Currently, there are 11 Incoterms, each of which is indicated by a three-letter code. The terms are grouped into four categories based on the first letter of the three-letter abbreviation.

Intermodal Service is the transport service that is carried out between two points using two or more different means of transport, in accordance with the requirements made by the cargo contractor.

As part of the value of the contracted freight, the carrier is responsible for transporting the cargo from the warehouse defined by the shipper to the port of shipment and/or from the port of discharge to the warehouse defined by the consignee.

Additionally, the carrier is responsible for co-ordinating the movement of the empty container at the port of origin, as well as the movement of the empty container at destination.

The shipping line is responsible for transporting the cargo from the port of shipment to the port of unloading.


Container insurance

It is a policy that protects against total or partial loss or damage, and the cleaning of the container, so long as these occur or originate during the validity term of the contract and so long as the equipment is under the responsibility of the consignee and/or its authorised parties.

  • The general and particular conditions of ICI container policies.
  • Inspection criteria issued by the Institute of International Container Lessors (IICL).
  • Clause of Containers of the Institute. 1/1/87 – 339.
    There is no limitation to the number of equipment to be insured per shipment.
    Damages arising from the exclusions set forth in the general, particular and special conditions of this policy.
    Once the total loss is compensated, the liquidated equipment becomes the property of the insurer, and the insured may offer a salvage value for the equipment, which will be deducted from the compensation.

There is no limitation to the number of equipment to be insured per shipment.

Damages arising from the exclusions set forth in the general, particular and special conditions of this policy.

Once the total loss is compensated, the liquidated equipment becomes the property of the insurer, and the insured may offer a salvage value for the equipment, which will be deducted from the compensation.

Any individual who has an insurable interest in the equipment, shipping consignees, shipping agents, and owners of merchandise.

  • Total loss of or damage to the insured equipment delivered by the shipping company to the consignee, provided that the equipment are stowed in the transport unit under the responsibility of the consignee and/or authorised by it.
  • Partial loss of or damages to the insured equipment delivered by the shipping company to the consignee, provided that the equipment is stowed in the transport unit under the responsibility of the consignees and/or their authorised parties.
  • Total or partial loss of or damage to the insured goods caused by earthquakes, volcanic eruptions, landslides, lightning, tsunamis, hurricanes, typhoons, tropical depressions, or other risks of nature, from the moment the container is delivered to the consignee and/or authorised responsible parties in the port of destination and is stowed on the transport unit, and until it is returned to the yards or site authorised by the shipping company for its return.
  • Cleaning costs of the container attributable to the consignee.
  • Extra-contractual civil liability.

The validity term of the insurance starts from the date indicated in the policy table and once the insured has paid the entire agreed premium.

No, the insurance is not refundable.

  • Dry Container (Standard) 20'.
  • Dry Container (Standard) 40'.
  • Dry Container (Special) 20'.
  • Dry Container (Special) 40'
  • 20' Reefer Container.
  • 40' Reefer Container
  • Tanktainer
  • 40' Dry Trailer
  • 45' Dry Trailer
  • 20' chassis
  • 40' chassis

The insurance applies worldwide.

Damage caused to the container by external agents not attributable to its normal handling..

The coverage is carried out from the moment the equipment is stowed on the transport unit and under the responsibility of the consignee and/or its authorised parties.

  • Value of the shipment (Invoice)
  • Type of merchandise
  • Port of origin / destination
  • Name of Vessel
  • Weight
  • Type of packaging
  • Mode of Transport
  • INCOTERMS applicable to the negotiation.


Physical verification of the conditions in which a container is found. This activity is carried out in the different stages of the process and as the responsibilities of managing the equipment are transferred.

Notice thereof must be sent to the ICI team ( the first five (5) days after the occurrence of the accident or getting knowledge thereof..

  • Cargo Manifest
  • EIRs
  • Inspection
  • Photos
  • Any other documents that may be required according to the negotiation conditions.
  • Ownership transfer document (in case of total loss).

Cargo insurance

It is an insurance in cases of physical damage to or loss of goods carried by boats, on roads, trains, aircraft, or by any other means of transportation. Cargo insurance protects those who have an insurable/financial interest in the cargo (buyer or seller and intermediaries if they are so structured).

Insurers offer two types of coverage:

  • Full Cover (All Risk): the total coverage applied for cargoes that are new, which covers total loss of packages, partial losses, shortages, damage to merchandise, and repair, amongst others. (It is important to verify additional coverage and express exclusions.)
  • Limited Cover (or Limited Coverage): this applies to used cargo and the said coverage only covers the total loss of the insured merchandise.

Domestic freight insurance covers domestic transportation via ground transportation or air shipments (domestic transportation by vessel is typically insured under the Maritime Freight Policy). Maritime freight insurance provides coverage for international shipments by sea or air from warehouse to warehouse (including land connexion transportation).

Shipments of personal effects may contain a guarantee that requires the submission of an itemised and valued inventory prior to shipment. Should this not be provided, in the event of loss, an average value per package may be determined based on the total insured value of the shipment and the total number of packages.

The value of the shipment declared for insurance must accurately reflect the full value of the shipment at its intended final destination, including costs incurred to bring the goods to the final destination. If a loss should occur and the declared amount is less than the actual value, the claim settlement may be prorated to a lower amount. It occurs in these situations if the insured acts as co-insurer of the shipment and shares in the loss.

Jewellery, precious and/or semi-precious stones and/or metals, copper in any presentation, cotton, antiques, aircraft, non-containerised goods, boats, art objects, cotton in any presentation, money and securities, financial instruments, animals (alive or dead ), fishmeal, explosives, ammonium and hydrochloric nitrate, calcium hypochlorite, firearms, waste materials, fuel, containers, petroleum, cigarettes, cigars, and fresh and/or perishable foods without containers.

It is goods classified as hazardous, for which there are regulations regarding their procedure of acceptance, packaging, stowage, documentation, and transportation, whether for local or international transfer.

There are nine (9) classifications of hazardous goods for international shipping and the regulations, documentation, acceptance procedures, packaging and stowage are established by the International Maritime Organisation (IMO).

Notice thereof must be sent to the ICI team ( within the first five (5) days after the occurrence of the accident or getting knowledge thereof.

What documents must be provided when filing a claim for a loss of merchandise?

  • Original Certificate of Insurance
  • Bill of lading.
  • Freight bill.
  • Invoice of purchase or invoice of replacement of the cargo.
  • List of detailed inventories (for household items and personal effects).
  • Delivery receipts.
  • Written notice to the responsible carriers and their response (the interested party (parties) will be requested to put its (their) carriers on notice of a claim by submitting a letter to each of them).

The insurer will have up to fifteen (15) business days after receiving the expert's report.

Any loss or damage must be reported immediately to the ICI team (

It is necessary for the insured to notify the company, within the following ten (10) calendar days from the date on which they became aware or should have become aware, of an event that is covered by this policy, and the company may deduct from the compensation the value of the damages caused by such breach.

What documents do I need to provide when filing a claim for a Delay claim?

  • The insurance company is empowered to and will monitor the process that involves the return of the equipment in order to avoid incurring a delay covered by this policy.
  • The coverage conditions of this document will be monitored on a monthly basis and the insurance company may at any time modify the rate and deductibles, by serving written notice to the insured, not less than 30 calendar days in advance.
  • The Bill of Lading.
  • EIR OUT and EIR IN.
  • Demurrage bill from the shipping line or its representative.
  • If the Container has any damage, the invoice for the damage evidencing the demurrage must be provided.

Demurrage insurance

It is the party responsible for organising, supervising and co-ordinating all aspects of the visit or call of the ship, from the dock allocation to the closing of accounts after sail setting. 

It refers to that natural or legal person that delivers merchandise at the place of origin, which is to be transported to a previously agreed destination.

Natural or legal person that owns the vessel, or who, although not being such owner, has chartered it. In any case, it is the person that prepares the ship for its exploitation, thereby obtaining income from the freight of merchandise or the passenger transport.

Loading and unloading are the periods from the moment that the cargo unit is hooked from the loading equipment, until it is unhooked by the stevedores of a ship or vice versa.

Various operations carried out with the merchandise to place them correctly in the loading areas and zones.

It is the opposite action to the stowage: the removal of the cargo and the delivery thereof to the unloading team to extract the merchandise from the ship's hold.

All cargo transportation between ports of the same country. 

It refers to the natural or legal person to whom the merchandise is consigned and who is responsible for the nationalisation process thereof.

An agreement whereby a "Carrier", whether called Ship owner, Shipping Agent, or Charterer, undertakes, jointly with the owner of the cargo, either directly or through a Shipper (Freight Forwarder) or a Customs Agent, to transport a cargo from a port of origin to a port of destination for the payment of a sum called freight.

Products shipped or unloaded in bags, recipients, drums, etc.

Amount or set of goods or merchandise for transport from one port to another that are embarked and stowed on a ship. 

Document that details the list of merchandise that constitutes the cargo of a means or unit of transport, and that expresses the commercial data of the merchandise.

Area of land intended for the transitory storage of merchandise, as an intermediate step from the ship to private vehicles, or vice versa in the shipment.

Daily cost defined by the shipping lines for the use of the containers outside the previously established free days.

These are the charges applied to the client that retains the container within the port for longer than the time determined on their days off.

These are charges applied to the client who retains the container outside the port for longer than the free days granted by the shipping company.

Days granted free of charge by shipping companies (when referring to delays or detentions) or the maritime terminal (when referring to occupations). They may vary depending on the country, the section and the shipping company. Reefer and dry cargoes have different conditions (dry cargo usually enjoys more days off free of charge than refrigerated cargo).

Compliance with the customs formalities required to import and export the goods or submit them to other customs regimes, operations or destinations.

Document recording the conditions of a container are recorded at the time it is being delivered from one place /responsible party to another.

It is the institute that brings together the majority of container leasing companies and defines the conditions that must be considered for the repair, use, and handling of containers.

Document that is used to request that the merchandise be submitted to the customs regimes and operations of Definitive Import, Temporary Import, Temporary Admission, Deposit, Transit, Re-shipment, Re-import, Definitive Export, Temporary Export and Re-export, depending on the case. It is aimed at Foreign Trade Operators who are involved in the customs regimes and operations mentioned above.


Emergency Information

Notice thereof must be sent to the ICI team ( within the first five (5) days after the occurrence of the accident or getting knowledge thereof. Also an electronic mail may be sent to

Notice thereof must be sent to the ICI team (, so that a consultant may contact the company immediately and the problem will be solved.

Notice thereof must be sent to the ICI team (, so that an agent analyses and immediately corrects the situation.

It is important to recognise what documentation is missing in what part of the process or if the interested party does not know which one is needed. Notice must be sent to, for an immediate response from a consultant or agent.

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