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Transport or goods insurance protects goods that may lose value during transit due to a fortuitous event. Since this is not covered by the vehicle’s comprehensive policy, it must be purchased separately—whether for road transport or for shipment by sea or air.

In Spain, a little over 50% of companies use their own vehicles to move their goods, and almost 15% use transport companies.

Many companies do not have an insurance policy that covers the actual value of the goods. They leave it to the carrier. Carriers’ liability limits are set under Spanish law and, for international transport, by the relevant conventions.

For domestic transport, if no declaration of actual value is made, the reference index known as the Public Indicator of Multiple Effects Income (IPREM) is used to calculate the liability limit. The domestic liability limit in Spain is €5.92 per kilo, given that the IPREM value is €17.75 per day.

For international transport, liability limits depend on the mode of transport and the applicable conventions:

  1. Road — the CMR Convention, Special Drawing Right (SDR)

  2. Maritime — Hague-Visby Rules, Hamburg Rules, Rotterdam Rules

  3. Rail — Vilnius Protocol

  4. Air — Montreal Convention

It is important to note that the value is calculated according to the rules of the different conventions and may be lower than the actual value of the goods. Companies should always review their insurance policies. In these cases, the role of a good professional is extremely helpful for the company.

We can distinguish three types of coverage:

  • Basic

  • Broad

  • All Risks

Count on us to identify the best coverage for your goods.

Basic Coverages
Compensation is paid for goods that are destroyed, lost, or suffer material damage during transit as a result of:

  • Fire, lightning

  • Accidents involving the means of transport

  • Natural perils

These coverages can be extended with optional coverages:

  • Theft

  • Risks during loading and unloading

  • Moisture

  • Breakage

  • Loss

  • Stains

In All Risks cases—often referred to as insurance with English clauses (ICCA – Institute Cargo Clauses)—comprehensive protection is offered for everything not excluded by the policy’s clauses and conditions. Coverage is broadened, so some insurers cover more than the traditional scope, including loading, unloading, or transit through territories in war or civil unrest.

The carrier’s liability insurance complies with the law, but the actual value or market price of new goods may exceed the policy limits.

We will advise you, based on your business, which type of insurance is best for you the best for you.

This will also determine the price of the insurance:

Temporary insurance

Covers a specific trip

The annual floating policy

It is a policy that covers the entire year, but the insurer must be notified each time a trip is made. The premium depends on how many trips are made or on the value of the goods.

The fixed-premium policy

If goods are transported continuously throughout the year, it is better to consider this type of insurance. Its price depends on the type of goods, their value, and where the transport takes place.

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