Goods are insured either by a policy valid for one trip only, or by a floating policy.
Goods are insured without interruption, wherever they may be, within the limits of the journey defined by the policy.
When part of the voyage is carried out by land, river or air, the rules of marine insurance apply to the entire voyage.
However, the contracting parties may negotiate separate policies.
Freight may be surrendered if the goods are:
1) Totally lost;
2) Lost or damaged, up to three quarters of their value;
3) Sold en route due to material damage to the insured objects as a result of a covered peril.
The surrender of cargo may also take place in the following cases:
1) If the vessel is unseaworthy and if it has not been possible to begin transporting the goods, by whatever means, within a period of three months;
2) If there has been no news from the vessel for more than three months.
In the event that an insured party who has taken out a floating policy has not complied with the obligations set out in a legislative or regulatory text, the contract may be terminated without delay at the request of the insurer, who is also entitled to the premiums corresponding to undeclared shipments.
If the insured is acting in bad faith, the insurer may exercise the right to recover payments made for claims relating to shipments subsequent to the insured’s first intentional omission.
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