If your business regularly ships goods across sea, land, or international borders, container insurance aka cargo insurance might be for you. Keep reading to discover all there is to know about container insurance and what you need to know abour insuring goods your shipping or receiving in containers.
FAQ
What is container insurance?
Container insurance also referred to as cargo insurance, is a type of insurance that protects goods in transit. Specifically, container insurance aims to protect the policyholder against the risks that come with shipping goods, such as loss, damage, or theft subject to the policies terms and conditions. Cargo insurance covers your goods from the second they leave their location of origin (such as a warehouse) until they arrive at their final destination and can also include stops or temporary storage along the way!
Who needs container insurance?
Any business that frequently transports products or receives raw materials, finished good, components etc. using containers could benefit from container insurance. In fact, even carrier and transport companies might find container insurance helpful as many historically rely upon using and offering the standard $2/lb shipping coverage. Generally speaking, transport companies are not required to pay the full value of goods that are lost, damaged, or stolen in transit. But if you have cargo insurance, the full value of your goods can be protected and you can submit a claim directly under a policy you control rather than trying to follow up and go through the often lengthy and frustrating carrier claims process .
Why is it worth it to insure a container?
Many things can go wrong when transporting items at great distances while on land, at sea or in the air. Not only can an incident disrupt your daily operations and damage your reputation with a customer, but it can also have a significant financial impact on your business including down time, lost customers/revenue etc. With container insurance by your side, you can minimize the financial losses associated with dependency on inputs and outputs coming and going via containers.
What is covered by container insurance?
Container insurance policies vary but they typically include some or all of the following:
- Land cargo insurance: This protects goods transported by truck, car, or another utility vehicle.
- Marine cargo insurance: This protects goods transported via ship (i.e. a shipping container or freight vessel).
- Open cover cargo insurance: This protects goods over multiple consignments throughout your policy.
- Specific cargo insurance: This protects high-value shipments, such as large order fulfillment or restocking shipments.
Is container insurance necessary?
Though not mandated, container insurance is a necessity for businesses that ship goods at great distances. Why? Cargo insurance can protect your business against catastrophic financial losses. For example, if your goods are stolen, lost, or damaged in transit, your insurance provider will help cover the costs to replace them subject to the policies deductibles, terms and conditions. Without container insurance, you would be forced to eat the costs of these lost items and then pay even more out of pocket to replace them yourself.
How can I get container insurance?
Container insurance is available directly through the dedicate business insurance brokers at ALIGNED Insurance. The advantage of purchasing container insurance through a trusted broker like ALIGNED is that they do the work for you. We take the time to learn about your insurance needs before contacting the top insurance companies in Canada on your behalf. From there, your dedicated broker will compare quotes and explain the coverage options available to you, ultimately helping you choose a container insurance policy that meets your needs.
Get ALIGNED with the best Container Insurance on the market.
You can call us at +1-866-287-0448. Click Here To Get A Quote or contact one of our Container Insurance experts for information or with any questions you may have.
