Cargo Insurance

If you're a small business owner, you need to be aware of cargo insurance. Cargo insurance can help protect your assets if something goes wrong with your shipment while it's in transit. Not only will this protection help preserve your business' reputation, but it could also save you money in the event of an accident or loss.

Cargo insurance is the method used to protect shipments from physical damage or theft. Insuring cargo ensures that the value of goods is protected against potential losses which may occur during air, sea, or land transportation. The movement of goods across the world comes with certain risks. These risks are mitigated through insurance coverage since there is no guarantee that damage or loss will not occur.

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 Insurance covers transits carried out by the water, air, road, rail, registered post parcel, and courier. Cargo insurance is vital in international trade. The risk then continues during the ordinary course of transit to terminate on delivery. In addition, cargo insurance covers loss or damage caused by war, civil war, revolution, rebellion, insurrection or civil strife, or any hostile act, capture, seizure, arrest, restraint detainment, general average, and salvage charges, strikes, riots, etc. Different cargo insurance policies are available for transporting goods by land, sea, or air. Businesses need cargo insurance to reduce the risk of importing and exporting.

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.