By definition, Cargo Insurance refers to any policy covering cargo in the care, custody, or control of a carrier, either by land (truck) or sea (ship). Cargo insurance exists to protect shippers from loss or damage to goods from which they would be unlikely to collect from the carriers themselves.
The type of coverage needed will depend on the cargo being shipped but it is imperative to keep your assets protected by securing a sufficient policy.
There are a slew of risk factors that come into play during shipment and cargo often passes through several hands before reaching its final destination which could end up resulting in harsh consequences if the shipment is damaged, stolen or lost.
Transporting cargo without insurance leaves your business vulnerable and could end up in a huge potential loss. Depending on the type of cargo involved in the transaction, leaving your assets unprotected might have a devastating impact on your bottom line, so it’s important to set up the right coverage.
You may even want to consider securing an Open Cargo Policy, based on the frequency of your shipments and the specific type of cargo.
News Insurance can help you figure out what works best for your business. We’ll work with you to assess the risks and determine the best policy to help secure you and your assets.