Ad Valorem insurance

Whatever the mode of transport, goods are exposed to numerous risks (accidents, theft, damage...) during international transportation. These risks can lead to delays in the supply chain and consequent financial losses for companies. 

OVRSEA recommends Ad Valorem insurance which offers a full compensation based on the value of your goods along with a quick and easy process!

Ad valorem

What is “Ad Valorem” insurance?

Ad Valorem insurance is an insurance policy purchased for each transportation, which provides full coverage, as opposed to the limits of the carrier’s liability under law or international conventions.

Transport mode
Limites de responsabilité du transporteur prévues par la loi ou les conventions internationales.
International Road
8.33 SDR* per kilogram of gross weight of missing or damaged goods.
Air
22 SDR per kilogram of gross weight of missing or damaged goods (to be added to the damage/loss compensation).
Maritime
666.67 SDR per package/unit or 2 SDR per kilogram of gross weight of missing or damaged goods (whichever is highest).
Rail
17 SDR per kilogram of gross weight of missing or damaged goods.

(*SDR: Special Drawing Right, an international reserve asset based on a pool of international currencies. At the end of 2023, 1 SDR = €1.24)‍

The advantages of Ad Valorem insurance

Insure the actual value of the goods

Unlike the default insurance, which calculates compensation based on the weight of your goods, Ad Valorem insurance offers a compensation up to 110% of the actual value of your items, without any deductible!

Quick & easy service

Our all-risks insurance ensures automatic and quick compensation without the need for complicated administrative procedures. Furthermore, with Ad Valorem insurance there is no deductible applied, which ensures a comprehensive compensation.

An all-risk insurance

Our Ad Valorem insurance offers a worldwide coverage from pick up to delivery, within the scope of Ovrsea. The insurance offers full compensation for all modes of transportation, including force majeure events (see more details in our FAQ below).

Example

A company exports by sea a container carrying goods worth €200,000, distributed in 25 packages weighing 5400 kg. The container has gone missing at sea.‍

Without Ad Valorem insurance
With Ad Valorem
Compensation: approximately €20,667 (25 x 666.67 x 1.24*) *as 1 SDR = €1.24 Application of the carrier's limits of liability under the law or International Conventions
Full compensation: 110% x 200,000 = €220,000
Deductible: €20,000 (10% x €200,000) Deductible is 10% of the damage value (with a minimum of €9,000 and a maximum of €24,000).
Deductible: €0
Final compensation: approximately €666.7 (20,666.7 - 20,000)
Final compensation: €220,000

To find out more about Ad valorem insurance, contact us directly

FAQ

What is excluded from Ad Valorem insurance ?
What’s the cost of Ad Valorem insurance?
What do I have to do in order to benefit from Ad Valorem insurance?