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, it covers transits carried out in the water, air, road, rail, registered post parcel, and courier.
Advantages of our Cargo Insurance – Why You Need our Cargo Insurance
Cargo Insurance or Freight Insurance benefits local and international trade.
90% of all our international cargo transportation is carried out by the sea. Again the overwhelming amount of sea transportation is handled via containers utilizing state of art container vessels.If you own an import-export business then you must know how important cargo insurance is for you to deliver the products in its proper condition.
Types of Cargo Insurance Coverage
Different cargo insurance policies are available for transporting cargo by land, sea, or air.
Common types of cargo insurance are;
- All Risk.
- Free of Particular Average (FPA).
All Risk policy typically covers any physical loss or damage from external causes, with some exclusions listed.
This policy should cover include collision with an external object, jettison, train derailment, truck overturning, deliberate destruction, improper stowage by ship owners, theft, and acts of God (e.g. earthquake, lightning strike).
Free of Particular Average (FPA)
FPA or Free of Particular also known as a Named Peril policy, lists exactly what is covered by the policy.
Usually, theft is not covered by FPA policy. FPA usually covers collision, stranding, burning, sinking, train derailment, truck overturning, and some acts of God.
Shipment-by-Shipment insurance coverage through the carrier who is shipping your goods.
However; there may be certain exclusions, including defects in the transportation vessel, criminal acts on the part of the vessel’s crew, acts of God, and acts of war.
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