What is the point of having cargo insurance if coverage isn’t sufficient? With cargo insurance, there are several variables that factor in to what’s covered with regards to lost or damaged goods during shipment from one place to another over long distances. At issue, especially, is the concept of liability—who or what entity is ultimately responsible for monetary issues that arise during the shipments of goods which negatively
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affect the shipment, such as loss due to theft or weather issues?
While you can obtain cargo insurance coverage through the carrier, did you know most of those policies prevent the carrier from being held liable in a wide range of scenarios? Not good.
It’s better to obtain “all-risk” coverage on your own, as the shipper. In fact, be on the lookout for “shipper’s interest” cargo insurance policies, where all damages and losses are covered whether or not the carrier is found liable.
Basically, when dealing with cargo insurance, liability is a major issue. Take notice of carriers’ policies and figure out both their level of liability and exclusions from liability if you want to be covered through them. Ideally, though, for peace-of-mind and your financial well-being, it’s best to opt for your own “all-risk” coverage as the shipper, just in case something bad happens.
TJO Cargo provides cargo insurance to cover your investments while they’re transported via ocean, ground and/or air. With no long term commitments and low minimums, TJO Cargo can meet your needs. Call 904-781-6531 with any questions you may have about cargo insurance and/or to ask for a free cargo insurance quote.