Define: Cargo Insurance

Cargo insurance is a type of insurance that provides coverage for loss or damage to goods while they are being transported by land, sea, or air.

If you are involved in the transportation of goods, whether as a shipper, carrier, or freight forwarder, it is highly recommended to have cargo insurance to protect against potential losses.

Cargo insurance typically covers loss or damage to goods caused by perils such as theft, fire, collisions, and natural disasters during transit.

The cost of cargo insurance can vary depending on factors such as the value of the goods being transported, the mode of transportation, and the level of coverage required.

Yes, you can purchase single shipment cargo insurance for specific shipments, or you can opt for an annual policy if you have frequent shipments.

Carrier liability is the legal responsibility of the carrier for loss or damage to goods during transit, while cargo insurance provides additional coverage beyond the carrier’s liability.

When filing a cargo insurance claim, you will need to provide documentation such as the bill of lading, commercial invoice, packing list, and evidence of the loss or damage.

Yes, you can purchase additional coverage or specialized cargo insurance for high-value or unique goods that may require specific protection.

When choosing a cargo insurance provider, it is important to consider factors such as the provider’s reputation, financial stability, coverage options, and customer service. It is also advisable to compare quotes from multiple providers to find the best coverage for your needs.