Risk is party of doing business, cargo insurance will minimize that risk and keep the flow of goods. In a global economy, any multinational company needs to protect its goods in transit to stay competitive. Whether you ship by land, sea or air, our cargo insurance coverage provides solid protection from the moment your goods leave the warehouse until they arrive at destination.
Freight carriers such as ocean shipping companies. Air lines and Inland Transportation companies are legally required to carry a minimum amount of insurance. Keep in mind that this insurance provides limited coverage. This required insurance, referred to as “carrier liability,” is limited to 10 cents per pound of the shipment. This carrier liability cannot exceed the invoice value of your shipment. Your carrier should be able to provide you with specific information on coverage, deductibles, and claims management.
Probably you wont have to deal with cargo loss. As a result, you may opt out of having cargo insurance. In case of a loss, the cost will be very high.
Additional Cargo Insurance
Because freight is more susceptible to damage than smaller shipments, you may want to purchase additional insurance to cover your items. Keep in mind that freight insurance can be purchased from a variety of third-party companies which offer coverage that exceed carrier liability.
We understand the issues that impact your business, including just-in-time delivery, supply chain complexities and business interruption exposures. We tailor our terms and conditions to suit specific transportation or protection needs—including exhibitions, product installation, sales samples, storage at locations and marine business interruption.
What to do when receiving a shipment:
Inspect your shipment at delivery along with your driver. Note any visible losses or damages.
Do not refuse the shipment unless damage has rendered your freight worthless.
As soon as possible, unpack and inspect your shipment. Contact your freight carrier and freight insurance company with any hidden damages or losses.
In the case that you have to file a claim for your freight shipment, it is important to take certain actions immediately. File with your freight carrier and freight cargo insurance company as soon as possible, preferably within 24 hours.
Carrier liability and freight insurance only covers damage or loss to the goods transported, not lost time, labor, or shipping costs.
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