Cargo shipments are generally safe and secure, but as with unforeseen events, things can sometimes go wrong during the transport of goods. If you outsource the transportation of your products to a professional carrier or freight forwarder, you could be forgiven for believing that the carrier or forwarder is fully liable for any damage or loss.
Insurance that generally protects shipments from loss, damage, or theft while in transit. This coverage is beyond basic claims insurance that may be provided, and it will reimburse for the designated value of the goods if a covered event occurs while the freight is in transit.
They want to protect their balance sheets from a major loss. When CFOs are involved in the discussion, they tend to be major advocates of… Read More »What’s the Motivation for Purchasing Marine Cargo Insurance?
Actually, there is a maritime law called “General Average” that makes you liable for losses suffered by other shippers on the vessel. For instance, if… Read More »Is Marine Cargo Insurance Applicable Only for Cargo that is Lost or Damaged?
Many companies mistakenly believe the shipping line will reimburse them for the full value of their cargo in the event of damage. That’s incorrect on… Read More »Top Misperceptions About Marine Cargo Insurance
Damages done to containers or while loading, various ship malfunctions, fires, rollovers, accidents, stranding, drowning, dangerous air conditions, cargo becoming wet, cargo being washed off… Read More »What are the examples of cargo risk?
Cargo Insurance provides coverage against all risks of physical loss or damage to freight during the shipment from any external cause during shipping, whether by… Read More »What is the importance of cargo insurance?
An unexplained loss or shortage of goods is excluded when it occurs from a vehicle owned, leased or operated by the insured party. This most… Read More »What does cargo insurance exclude and include?
One of the major types of insurance policies that you will have to deal with in the trucking industry is cargo insurance.This is typically a… Read More »What are the Major Types of Cargo Insurance Policy?
Think of cargo insurance like your health and/or life insurance. As you can imagine, there are plenty of cargo insurance you can choose from, each… Read More »What is the types of cargo insurance?
Cargo insurance coverages include shipment transportation via water, air, road, and rail. But to what extent you’re covered will depend on the type of policy… Read More »What are the main levels of cargo insurance cover?
Cargo insurance usually ranges in cost from $400 – $1,800 per year for the annual premium. If you get a standalone cargo insurance policy, you… Read More »What is the Cost of Cargo Insurance?
The cargo insurance premium on a single shipment is typically calculated as the insured value times the policy rate. And what is insured value? The… Read More »Cargo Insurance Coverage Type and Premium Calculation
In most cases, the insurance cost is around 0.5% of the total value of the cargo. This cost will vary based on the type of… Read More »How much does marine cargo insurance cost?
Liability, a.k.a ‘third-party-insurance’, is the legal duty that small business owners have for the harm or losses that they cause to third parties. It’s important… Read More »What Is Cargo Insurance Liability and Incoterms?
The formula of cargo insurance cost is as follows: take the insured value and times it by the policy rate to get the insurance premium… Read More »How much does cargo insurance cost?
Some importers and exporters are slightly inexperienced, and oftentimes overlook the small details that end up costing you a huge sum in the end. Here… Read More »What’s pitfalls to avoid when choosing cargo insurance?
Cargo insurance offers protection against many risks involved in the transportation of goods. However, it doesn’t cover everything. Most insurance policies offer comprehensive damage cover,… Read More »What’s Not Covered by Cargo Insurance?
You’ve just sent off an important shipment that’ll ultimately break your bank if it were damaged, BUT you haven’t insured it. The phone rings and… Read More »Why Do You Need Cargo Insurance?
Cargo insurance protects you from financial loss due to damaged or lost cargo. It pays you the amount you’re insured for if a covered event… Read More »What are the key benefits of cargo insurance?
Cargo insurance reduces financial loss regardless of whether your goods get damaged or not. Some of the common benefits include: All risk coverage – Cargo… Read More »Why does companies need cargo insurance?
Marine Insurance is only for goods that are being transported via sea through ships and other vessels. Cargo insurance provides for damages to products in… Read More »What is the difference between marine insurance and cargo insurance?
The cargo insurance premium on a single shipment is typically calculated as the insured value times the policy rate. And what is insured value? The… Read More »How is cargo insurance calculated?
Cargo insurance gives you the certainty that, if something should go wrong in transit, you will receive compensation of the value based on the commercial… Read More »What is Cargo Insurance?
