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What is the basic explanation of the term- Freight Insurance?

Business and Industry Services
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Aug 30, 2019
What is the basic explanation of the term- Freight Insurance?

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Aug 30, 2019
The insurance is an agreement by which the insured is indemnified in the event of damages caused by a risk covered in the policy. Insurance is all-important in the transport of goods because of their exposure to more common risks during handling, storing, loading or transporting cargo, but also to other rare risks, such as riots, strikes or terrorism. There is a difference between goods transport insurance and the carrier's responsibility insurance. The covered risks, fixed compensation and indemnity of the contract of transport insurance are left to the holder's choice. Nevertheless, the haulier's responsibility insurance is determined by different regulations. Depending on the means of transport, indemnity is limited by the weight and value of the goods and is only given in case the transporter has been unable to evade responsibility. The insurance invoice is required for customs clearance only when the relevant data do not appear in the commercial invoice indicating the premium paid to insure the merchandise. The standard extent of the transporter's responsibility is laid down in the following international conventions: 1. Road freight 2. The rail carrier 3 The shipping company 4. The air carrier
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