Logistics solutions cargo insurance
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This document summarizes DSV Insurance's cargo insurance offerings. It provides an overview of DSV Insurance as the insurance company for the DSV Group, and describes their standard cargo insurance coverage options including all-risk coverage, storage insurance, total loss and general average coverage, consequential loss coverage, warehousing coverage, DSV Xpress shipment coverage, and general cargo insurance policies. Contact details are provided at the end for questions about DSV's cargo insurance.
Logistics solutions cargo insurance
- 2. 2 | DSV – June, 2016 Table of contents Unique selling points A list of our standard cover options and special products Contact details A short presentation of DSV Insurance
- 3. 3 | DSV – June, 2016 DSV Insurance A/S • Registered insurance company (licensed in EEA under Danish FSA-no. 53110) • Handling insurances world wide on behalf of the DSV Group • Running DSV Insurance A/S – DSV Group’s own insurance company • DSV Insurance delivers cargo insurance to the DSV Group divisions, either direct or through our partners, Royal & Sun Alliance • Additionally National Insurance Coordinators have been appointed in all DSV countries and deals with insurance in their respective countries Group Insurance
- 4. 4 | DSV – June, 2016 DSV Solutions • One stop shopping • No deductible (excess) • Fast and smooth claims handling • Claims settled within 7 days upon receipt of requested documentation • All-risk insurance based on invoice value, freight + opt. imaginary profit 10% • Insurance designed on customers request: per shipment or annually
- 5. 5 | DSV – June, 2016 Cargo Insurance Portfolio • Cargo Insurance - All-risk (ICC A) • Storage insurance • Cargo Insurance - Total loss and general average (ICC C) • Consequential Loss Cover • Warehousing (Customers’ goods) • Cargo Insurance on DSV Xpress shipments Standard coverage options and special products Additionally, we can offer General Policies to customers (including all transports for customers in EEA)
- 6. 6 | DSV – June, 2016 • ICC (A) All-risk terms • War & Strike included (Zone 1+2) • Worldwide (except excluded countries) • Standard commercial goods (except excluded commodities) • Sold as “15 for 15” or equivalent in most countries • Special rates − Fragile goods − Motor vehicles − Personal effects • Max. value EUR 500,000 • If value above EUR 500,000, the shipment must be referred to DSV Insurance for approval DSV Cargo Insurance Scope of coverage
- 7. 7 | DSV – June, 2016 • ICC (A) All-risk terms • Storage Risk Clause • Cover for extended storage up to 365 days (after transit terminated) • Insured value defined as highest value any given day − Max value: EUR 5 mill per location/country • Premium to DSV Insurance: as per individual contract • Minimum premium to DSV Insurance: as per individual contract Storage Insurance Scope of coverage
- 8. 8 | DSV – June, 2016 • ICC (C) Named-risk terms • Risks covered: − Loss or damage due to fire or explosion vessel or craft being stranded grounded sunk or capsized overturning or derailment of land conveyance collision or contact of vessel craft or conveyance with any external object other than water discharge of cargo at a port of distress − General Average and jettison • Premium to DSVI: 50% reduction on standard rates • Minimum premium: standard rate Total loss and General Average cover (upon request only) Scope of coverage
- 9. 9 | DSV – June, 2016 DSV Insurance: Cargo (Consequential loss) Scope of coverage • ICC (A) All-risk terms • Extension of Cargo Insurance Cover • Maximum cover = EUR 5,000 any one event • Premium = EUR 50 (internal buying rate=EUR 33) • The Extension is subject to the ‘Consequential Loss Clause’: “This insurance is extended to cover additional costs and or expenses resulting directly from the following:- – Loss or damage to the cargo insured by this policy where such loss or damage is covered by this policy – Delay in delivery of the cargo insured by this policy but only where you have purchased a guaranteed time delivery service from DSV.”
- 10. 10 | DSV – June, 2016 DSV Insurance: Warehousing (provided by if…) Scope of coverage • Cover for third party goods (customer’s stock) under our responsibility in DSV locations • Value: Cover can be arranged to EUR 150 mill. • EEA countries • Conditions − All risk including fire, burglary, water damage and other property damage − Two rate alternatives, min. premium in both cases is EUR 500 Deductible: EUR 25,000, yearly rate: 0,05491% (Excl. VAT and local taxes) Deductible: EUR 2,500, yearly rate: 0,1812% (Excl. VAT and local taxes) − Annual contracts or short-term (adjusted pro-rata) • Cover can be extended with ICC (A) All-risk for transportation to include Supply Chain
- 11. 11 | DSV – June, 2016 Insurance cover DSV Xpress Scope of coverage • ICC (A) All-risk terms • Worldwide (Zone 1-2-3) • Premium to customer: EUR 3 (or local equivalent) • Premium to DSVI: EUR 2 (or local equivalent) • Max. value EUR 1,500 (or local equivalent) • If value is above EUR 1,500 then standard terms will apply. • Including Documents and Tickets Clause
- 12. 12 | DSV – June, 2016 Cargo Insurance: General policies Insurance of shipments – performed/ arranged by DSV • DSV Insurance can offer general or annual policies to your customers. • In EEA countries where FOS applies, DSV Insurance can make direct policies to customers • Outside Europe where we are fronted by local insurers, we can issue Insurance Summary as an alternative to policy. • All requests must be referred to DSV for approval • No cover is provided in respect of storage outside the ordinary course of transit • We can also offer insurance cover for customers that are using other forwarders, subject to certain restrictions