What is Unique About ANOVA's Cargo Insurance?
ANOVA’s coverage terms are based on ICC PLUS and TOTAL LOSS PLUS, cargo insurance concepts that were designed by Anova to be the most comprehensive coverage in the Americas.
ICC PLUS and TOTAL LOSS PLUS are based on the “English Rules,” otherwise known as the Institute Cargo Clauses (ICC-A, B, or C), thus meeting all requirements for letters of credit from virtually every country worldwide; however, ANOVA’s exclusive ICC PLUS rules expand coverage terms to offer superior protection than that permitted by the American Rules (ACC), standard English Rules (ICC), and the German Rules of Marine Insurance (ADS).
Why ICC PLUS is Superior
- ICC PLUS terms offer longer intermediate storage.
- ICC PLUS terms expand the duration of insurance to last up to four times longer than the American Rules and equal to the German Rules worldwide.
- ICC PLUS terms include guaranteed claim payment periods.
Why TOTAL LOSS PLUS is Superior
- TOTAL LOSS PLUS is not based upon ICC-C rules, FPA terms, or Stranding Cover; instead, it is based upon the ICC-B rules, thereby increasing the risks covered by more than double as compared to standard ICC-C terms.
- Additionally, TOTAL LOSS PLUS covers roughly four times more risks than FPA, and also offers coverage for additional perils than that which is offered under the Stranding Cover of the German Rules of Marine Insurance.
- TOTAL LOSS PLUS terms also include guaranteed claim payment periods.
Why ANOVA Claims Handling is Superior
In-House Claims Authority and Speedy Claims Pay-Out Guarantee
Anova has been granted in-house claims authority from multiple leading insurers: Lloyd's, the TT Club and AIG. Therefore, under our authority with Lloyd's, AIG, and the TT Club, for valid claims up to certain values, we can guarantee to settle and pay within 10 days of documentation for more than 95% of all cargo insurance claims.
Furthermore, the insurers who back the ANOVA programs are A- rated or above, and are large global carriers that are admitted to provide coverage in nearly every country, worldwide.
Efficient Claims Handling
At ANOVA, our claims philosophy is to be supportive of customers in times of need and to make claims expertise and quality of service our highest priority, we place our strongest emphasis on claims handling because it is our steadfast belief that although pricing may attract customers, quality claims service keeps them for the long term. Therefore, we only work with insurers who support us in this effort.
Why is Cargo Insurance Necessary?
International law limits carriers’ liability to 19 SDRs/kilo (approx $13.00/lb) (air) and $500/package (ocean), irrespective of the package’s value.
Cargo insurance covers all risks (loss or damage) for the full value of the goods, which can include shipping costs, duties, insurance costs, and up to 10% anticipated profits.
Eliminates disputes over liability between third parties by paying customers directly without liability determinations.
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