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Cargo Insurance / Stock Throughput

 

What is it? Goods in transit are highly susceptible to damage from external sources.  A cargo insurance policy will offer the best protection for your investment while they are in the hands of a 3rd party.   Whether you are shipping your goods across town, or around the World, a cargo insurance policy will help ensure you are not exposed for the additional costs of repair or replacement of your damaged cargo.

 

Do I need it? Many consumers mistakenly rely on the carriers’ insurance for protection of their cargo.  It is important to understand that the carriers’ insurance is there to protect the carrier, not the cargo owner.  A carriers’ insurance policy is a legal liability policy, and thus only responds if the carrier is found to be legally liable for damages.   If the carrier is found to be legally responsible, there are numerous domestic and international trade treaties which allow the carrier to limit their liability based on a per pound or per unit basis.   In short, depending on the circumstances of the loss, a cargo owner may only receive a settlement of pennies on the dollar.

 

In order to best protect your investment, we highly recommend you insure your goods under your own policy. 

 

 

What do I need to consider?

 

Valuation – what is your cargo worth?   In the event of a loss, underwriters will need to confirm the value.  In most cases, this is very simple.  However, in the event your cargo is rare, used, or a custom fabrication, you may need to provide additional paperwork to establish your loss.   Please speak with us to help guide you through the process.

 

Destination – In today’s world of geopolitics, your cargo may originate or be destined for a part of the globe currently considered high-risk by underwriters.   In order to maintain the best protection from door to door, please let us discuss your options.

 

Packaging – insurance is intended to address unforeseen losses.   In today’s economic climate of cost-cutting, we have seen cargo owners reduce their protective packing, thus leading to losses due to insufficiency of packing, an area often declined by underwriters.  Please speak with us to discuss your options and to avoid any disagreements after a loss.   

 

How do I begin?

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