What is Cargo Insurance? Cargo Insurance Meaning, Types & Benefits
Dealing with damaged cargo is no fun, but you can avoid that by being informed about the different ways to insure your cargo.When the freight or cargo is in transit, it is susceptible to damage due to unpredictable events on road or sea. In case of an explosion due to road accidents or the sinking of container ships, the carrier liability will not be enough to compensate for the loss of cargo owners. This article will reveal how cargo insurance will help these owners to safeguard from bearing heavy loss and indemnify the claimant to the extent insured.
In the article I cover the following aspects:
- What is Cargo Insurance?
- Why is it Important to Have Cargo Insurance?
- What are the Types of Cargo Insurance?
- How does Cargo Insurance Work?
- What are the Benefits of Cargo Insurance?
- When Do You Need Cargo Insurance?
Cargo Insurance protects your investment, and covers your goods for loss, damage or delay. Without cargo insurance, all cargo is handled, stored and carried at the shipper's, owner's and consignee's risk. That is why it is extremely important to use all the benefits of the cargo insurance.