The insurer undertakes to pay certain indemnities as a result of damage occurring during the transport of goods. Such damage may affect the transporting object or the transported goods themselves.
According to the Insurance Dictionary, transport insurance is insurance whereby an insurance company undertakes to pay certain indemnities as a result of damage occurring during the transport of goods. This damage can affect the transporting object (hull insurance) or the transported goods themselves (goods insurance).
The reasons by which the goods may be damaged that are covered by the insurer vary from company to company, but usually include fire, lightning or explosion damage, and accidents to the means of conveyance. Other cover, such as robbery may be optional.
The Law on Insurance Contracts, in articles 54 to 62, fourth section, details the principles that regulate transport insurance.