Essential Logistics Insurance and Trade Documentation

Key Characteristics of Insurance Contracts

Insurance is bilateral and identifies both goods and people. There is a payment in exchange for covering risks, and it is subrogatory. It is formal in nature.

Parties Involved in the Policy

• Insurer
• Insured
• Policyholder
• Beneficiary

Formal Aspects and Policy Content

It is mandatory that the contract is in writing according to regulations. The policy must be drafted in the official languages of Spain. The content must include:

• Name, surname, or company name of the contracting parties, address, and assignment of the insured and the beneficiary.
• The concept in which it is insured.
• Nature of the risk covered.
• Designation of the insured object and its location.
• Sum insured and scope of coverage.
• Amount, surcharge, and taxes.
• Expiration of the insurance, place, and method of payment.
• Duration of the contract with the exact day and time coverage begins and ends.

Essential Insurance Elements

1. Risk: The uncertainty covered.
2. Insurable interest: The legal relationship with the object.
3. Sum / Insured capital: The maximum limit of compensation.
4. Insurance policy: The formal contract document.
5. Insurance premium (Prima): The cost of the insurance.

Insurance Documentation Types

Insurance Policy Classifications:

• A) Transport: Maritime, Land, Fluvial, Lakes, and Air.
• B) By Duration.
• C) By Extension of Coverage: All risks or certain risks.
• D) By Method of Contracting: Floating / Abandonment, Travel or Time, Open policy, Global policy, and Forfait policy.

Claims Management Procedures

When a claim occurs, follow these steps:

1. Report the claim to the insurance company.
2. Formalize the claim with the carrier.
3. Take all measures to reduce damage to the goods.
4. Provide all necessary documentation and information to prove the existence of damaged goods.
5. Exercise actions against those responsible (carriers) in a timely manner.
6. Notify a breakdown commissioner and request the presence of the carrier to assist in the repair.
7. Preserve the remains of the accident until compensation is paid.

Credit Insurance and Trade Documents

Credit Insurance: Its purpose is to guarantee the insured the payment of compensation corresponding to net losses.

Information Documents

1. Commercial Offer
2. Commercial Invoice
3. Proforma Invoice
4. Customs Invoice
5. Consular Invoice
6. Packing List

Required Certificates for International Trade

1. Certificate of Origin
2. Inspection Certificate
3. Certificate of Analysis
4. SOIVRE Certificate
5. Sanitary Certificate
6. Blacklist/Boycott
7. Halal
8. Kosher