Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part V - Contract Security - Chapter II - Damage Insurance - Section III - Travel Insurance - From: Section 1117 By: Art . 1126

COLOMBIAN COMMERCIAL CODE

Section III

Transport insurance

Section 1117 .- Modified. Decree 01 of 1990, Section 43. In addition to the pronouncements set forth in Article 1047, the insurance certificate must contain:

1. The way has been or should be transport;

2. The designation of the point where they have been or will be insured received the goods and place of delivery, that is the way insured, subject to the provisions of paragraph two of the following article, and

3. The specific qualities of the goods insured, stating the number of packages.

The transport insurance certificate may be nominated to the order or to bearer. The assignment of the certificates in registered form may be even without the consent of the insurer, unless otherwise stated.

Paragraph .- The policy automatically, the certificate of insurance must also specify the role and value of goods listed in the policy generally. The certificate can be issued even after the risk has passed or occurred or could occur the accident.

Section 1118 .- Modified. Decree 01 of 1990, Section 44. The insurer's liability begins from the moment that

the transporter receives or has had to take over the goods to be safe and ends with delivery to the addressee.

However, this responsibility may be extended at will by the parties, to cover the insured property remains in the initial and final locations of the trip insurance.

Section 1119 .- The insurer will earn the premium irrevocably from the moment that the risks begin to run on their own.

Section 1120 .- Transport insurance shall cover all risks relating to transport. But the insurer is not obliged to answer for the damage caused by the mere passage of time, nor the risks expressly excluded from protection.

Section 1121 .- The insurer liable for damages caused by the fault or misconduct of those responsible for the receipt, carriage or delivery of the goods insured, without prejudice, of the subrogation is entitled in accordance with Article 1096.

Section 1122 .- Modified. Decree 01 of 1990, Section 45. The sum insured is deemed to include, besides the cost of the goods insured in the destination, loss of income if they have been agreed.

In insurance-related ground transportation, if it is done by a third party, unless otherwise agreed, the indemnity for damages by the insurer will have a ceiling on the value declared by the sender according to the third paragraph of Article 1010, or alternatively, the value determined under the sixth paragraph of Article 1031 of the Code.

Section 1123 .- The insured may not make total or partial abandonment of the objects damaged in favor of the insurer, unless otherwise specified.

Section 1124 .- Modified. Decree 01 of 1990, Section 46. You can hire the transport not only the owner of the goods, but also all those with responsibility for conservation, such as the commission or the carrier, stating in the policy if the insured is the commodity interest or responsibility for transport of goods.

Section 1125 .- Shall not apply to shipping insurance ordinal 6. Article 1047 and Articles 1070, 1071 and 1107.

Section 1126 .- In cases not covered by this section shall apply the provisions on marine insurance.