Cargo Insurance
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 land, sea or air. Also, known as Freight/marine Insurance, it covers transits carried out in water, air, road, rail, registered post parcel, and courier.
Cargo insurance is important in international trade
Generally, all carriers must carry a minimum amount of insurance, known as carrier Limited liability. However, carrier liability provides very limited coverage, and anything from natural disasters to vehicle accidents or even acts of war could damage your cargo.
Therefore, shippers/consignee’s need to arrange for cargo insurance to protect their goods from loss, damage, or theft while in transit.
Why cargo insurance is important?
Your freight could be lost, stolen/pilfered, dropped or damaged during transit. You need to have insurance to protect your cargo. Whether it is an All Risk, with Average or Total Loss Insurance.
Our logistics liability, as a transportation intermediary is limited, and is subject to the limits shown in our Terms of Conditions and it is as per regulations of the industry by various conventions
Types of Cargo Insurance -
Cargo insurance can be taken for international as well as domestic transportation. At the same time, this is really difficult to standardize and control without the proper cooperation from countries and states due to the varying nature of this insurance
Under these variations, this insurance can be categorized into following classifications:-
- Land Cargo insurance
- Marine Cargo insurance
Marine Cargo Insurance policies:
- Specific Cargo Policies.
- Open Cover Cargo Policies.
Specific Cargo Policies :
When a company approaches an insurance company or broker for insuring a particular consignment, then it can fall under the category of specific cargo policies. These policies are also termed as voyage policies because only specific shipment covered under them.
Open Cover Cargo Policies :
When insurance holder opts for coverage against various consignments, then open cover cargo policies get activated.
Not sure which solution fits you business needs?
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