Benefits To Having Your Own Cargo Insurance Explained
The Benefits To Having Your Own Cargo Insurance are both financial and administrative and after reviewing the below we’d encourage you to connect with an ALIGNED Advocate to learn more.
What is Cargo Insurance?
Cargo insurance provides protection against all risks during shipping, whether by land, sea or air.
Cargo Insurance can be any of the following: general cargo, stock through-put, project cargo, manufactured goods, commodities, heavy-lift, valuable, hazardous, and perishable cargo
Different types of Cargo Insurance?
- Physical Loss or Damage to Cargo — domestic and worldwide coverage for most types.
- Stock throughput Risks – coverage for goods while in storage. Which is useful for a company that imports, stores, and then distributes.
- Rejection Insurance – covers the risk of rejection of the cargo by a governmental authority.
- Exhibition Risks – often a customer sends their goods to a show to promote their product. Besides the transport to and from, their goods can be covered while at the show.
- Cargo Legal Liability — coverage for various providers of logistics services for liability arising out of the operations of a freight forwarder, customs broker, warehousemen, trucker, aircraft operator.
- Professional Liability — coverage for the professional liability of a load broker, freight forwarder, or customs broker.
- Political Risk – refers to the negative consequences that result from the action or inaction of the government, and provides coverage for assets in foreign countries, contract frustration and political violence.
- Supply Chain / Trade Disruption – is a rapidly growing area of insurance, which covers the Net Profit or Extra Expenses due to non-arrival or delayed arrival of goods due to a disruption in transit. Can also cover loss of revenues due to delay in start-up (DSU) of cargo and shipbuilding projects.
What Are The Benefits Of Having Your Own Cargo Insurance Program?
- Not limited to the restrictions of a carrier’s cargo contract
- Protection of your cash flow
- Peace of mind that every shipment you have is insured
- You are insured for the full value, including any profits if necessary
- Coverage is placed on the right conditions, with terms that you have negotiated
- Your interest is insured while you are financially at risk
- Local and professional claims service means prompt and efficient claims handling
- Minimal paperwork and simplified reporting
|ALIGNED Across Canada
100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.