The amount of insurance indemnity under the Insurance Agreement shall not exceed the amount of the Sum Insured.
The amount of insurance indemnity shall be determined by the Insurer in the amount of loss subject to indemnification in accordance with the terms of these General Terms and Conditions and the concluded Insurance Contract, minus
– the amount of deductible set forth in the Insurance Contract;
– amounts received by the Insured (Beneficiary) as compensation for losses from other persons.
When calculating the insurance indemnity, the value of cargo and/or baggage (cargo) remaining after the insured event shall be deducted from the amount of loss to be indemnified, unless otherwise provided for in the Insurance Agreement.
The amount of damage to be reimbursed shall be determined
– in case of complete destruction (loss) or loss of all or part of the cargo and/or cargo (baggage) – in the amount of the actual value of the destroyed (lost) cargo (baggage, cargo) or part thereof and reasonably incurred expenses and contributions provided for in the terms and conditions of
– in case of damage to the cargo and/or cargo (baggage) or part thereof – in the amount of expenses for restoration to the condition in which such cargo (baggage, cargo luggage) was immediately before the insured event, not exceeding the actual value of the cargo (baggage, cargo luggage) or its respective damaged part, and reasonably incurred expenses and contributions provided for in the terms and conditions of the Insurance Contract, but not exceeding the amount of the sum insured in respect of such cargo (baggage, cargo luggage) or its damaged part.
Under the Insurance Contract concluded under one of the conditions and when concluding the Insurance Contract on other conditions, if provided for in such Contract, the Insurer shall indemnify the expenses incurred by the Insured upon occurrence of an insured event to prevent or reduce the amount of losses, as well as other expenses or contributions provided for in the above insurance conditions and the Insurance Contract in connection with the occurrence of an insured event provided for in the Insurance Contract.
If the documents specified in the Contract do not confirm the fact of damage to the Insured (Beneficiary) or the amount of losses or expenses and contributions as a result of an event having signs of an Insured Event, the Insurer shall be released from the obligation to pay insurance indemnity in the amount of loss or expenses and contributions that are not confirmed by documents or that arose as a result of failure to perform the specified actions.
Unless otherwise provided for in the Insurance Contract, upon occurrence of destruction (loss, total destruction) or loss of the insured cargo and/or baggage (cargo) as a result of an insured event under the Insurance Contract, the insurance indemnity shall be paid by the Insurer provided that the Insured timely and reasonably waives the rights to such cargo and/or baggage (cargo) belonging to him/her in favor of the Insurer (abandonment), namely in the following cases
a) loss of the insured cargo and/or baggage (cargo luggage) due to the missing means of transportation, if such event is related to the insured risks (insured events) under the Insurance Contract;
b) economic inexpediency of restoration or repair of the insured cargo and/or baggage (cargo luggage) (total structural loss)
c) economic inexpediency of delivery of the insured cargo and/or baggage (cargo) to the place of destination;
d) seizure of the cargo and/or baggage (cargo) insured against such peril if the seizure lasts more than two months.
If the sum insured under the Insurance Contract declared by the Insured is lower than the actual (market) value of cargo and/or baggage on the day of occurrence of the insured event (before its occurrence), The Insurer shall be liable for payment of insurance indemnity in proportion to the ratio of the sum insured to such actual (market) value of cargo and/or baggage, taking into account the cost of transportation (freight) and other expenses related to transportation of cargo and/or baggage specified in the Insurance contract (unless otherwise specified in the Insurance contract).
If the sum insured exceeds the value of the insured cargo and/or baggage (cargo luggage), the Insurance Contract shall be void in respect of that part of the sum insured which exceeds such value.
From the moment of payment of insurance indemnity, the Insurer’s obligations to pay insurance indemnity under the Insurance Contract for subsequent insured events shall be limited to the difference between the amount of the sum insured and the amount of insurance indemnity actually paid.
The terms and conditions of the concluded Insurance Agreement may provide for other procedure and conditions for payment of insurance indemnity and determination of its amount than those specified in this section of the General Terms and Conditions.
The Insurer shall decide to pay or refuse to pay insurance indemnity within 30 (thirty) working days from the date of receipt of documents specified in the Contract
After making a decision on payment of insurance indemnity, the Insurer shall pay insurance indemnity within 30 (thirty) working days, unless otherwise provided for in the Insurance Contract, on the basis of the Insured’s application and relevant documents confirming the fact of occurrence of the insured event and amount of loss, and the insurance act drawn up by the Insurer.
The insurer shall have the right to postpone the decision to pay or refuse to pay insurance indemnity if:
a) circumstances of the insured event, amount of losses, circumstances confirming the Insured’s (Beneficiary’s) right to receive insurance indemnity are not fully clarified – until such circumstances are clarified, but not more than for 6 (six) months;
b) criminal proceedings directly related to the insured event have been initiated against the Insured or the Beneficiary, or officials of the Insured (Beneficiary) – legal entity – until the criminal proceedings are closed/ pre-trial investigation/ court decision is completed, but not more than for 6 (six) months;
c) in other cases specified in the Insurance contract – but not more than for 6 (six) months
The Insurer shall notify the Policyholder in writing of the decision to refuse to pay insurance indemnity or to postpone the decision to pay or refuse to pay insurance indemnity, with justification of the reasons for refusal or postponement within 15 (fifteen) business days from the date of such decision, unless otherwise provided for in the terms and conditions of the Insurance contract.