What is Cargo Insurance?
Cargo insurance is a type of insurance policy that provides coverage for goods in transit. The coverage can be for all types of cargo, including merchandise, raw materials, and finished products, as well as for all modes of transportation, including sea, air, rail, and road. The purpose of cargo insurance is to protect the owner of the goods against financial loss in the event of theft, damage, or loss of the goods during transit.
Why Cargo Insurance is so important for your Shipments?
Cargo insurance is important for shipments because it provides financial protection against potential losses that can occur during the transportation of goods. Here are some key reasons why cargo insurance is important:
Protection against loss or damage: Cargo insurance provides coverage for the cost of goods in the event of theft, damage, or loss during transit. This protection is especially important for high-value or sensitive shipments.
Compliance with legal requirements: In some cases, cargo insurance is required by law or by the terms of the contract between the buyer and seller. For example, some international trade agreements may require that cargo be insured.
Limitation of liability: Most carriers have limited liability for losses or damages to cargo during transit. Having cargo insurance can help to supplement these limited liability protections and provide the policyholder with additional coverage.
Peace of mind: Shipping goods can be a complex and uncertain process, and cargo insurance can provide peace of mind to the policyholder by reducing the risk of financial loss.
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