Transit Insurance

How would you feel if your container was one of those engulfed in the above fire? You could not only stand to lose your total investment in the stock lost by fire but also your business could be held liable for General Average for the cost of the repairs to the ship?

Don’t find out the hard way that your freight does not have sufficient insurance coverage.

Here are three facts you should know about shipping cargo:

• Carriers are not liable for damages to your cargo from Acts of God.

A hurricane, earthquake or other like disaster could destroy the value of your cargo. You can’t predict when nature will strike but you can protect your asset with cargo insurance.

• Stolen or mishandled cargo is your company’s responsibility.

Air, ocean and surface carriers generally limit their liability according to their tariffs, Bills of Lading or Trading Terms & Conditions. If your cargo is stolen or damaged in transit, your settlement may not even cover the replacement costs of the cargo.

• Your buyer’s or supplier’s insurance is insufficient.

It’s far too risky to rely on someone else’s insurance. Their coverage may only cover certain risks, yet leave you open to all kinds of other risks. Purchasing your own policy puts you in control of the coverage options and the cost.