Do I need cargo insurance for my shipment..?? Is a question asked by many customers around the world.. Whether they are exporters or importers or traders.. This is question that has been going for long and is expected to go on longer..
As much as we discuss why cargo insurance and insurers matter, in the recent past the question of who is the cargo insurer is coming to the fore as the line between the shipping line(s) and logistics services providers seems to be getting blurred..
Cargo insurance covers/compensates a buyer or seller of goods against cargo damage or loss of cargo..
Despite it having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase”..
By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances and there is nothing more adverse than cargo damage..
One of the common complaints about getting insurance is about the tons of paperwork that needs to be completed and the time it takes for all of it to be done..
Chubb, the world’s largest publicly traded property and casualty insurance company aims to take this pain away from the customers who are interested in having their goods covered..
Cargo insurance is a type of insurance that covers/compensates a buyer or seller of goods against cargo damage or loss of cargo..
Despite insurance having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase”..
By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances and there is nothing more adverse than cargo damage..
From a
there are several modes and types of trade/shipments around the world..
Although it may seem obvious, it is shocking to see how many customers still do not take the right Cargo Insurance to cover their cargo comprehensively..
I don’t think this lack of proper insurance cover is intentional, but may be due to ignorance or lack of knowledge on the part of the client as far as Cargo Insurance goes..
So when I read an article from Tom O’Malley of TJO Cargo, I felt I had to share it with my readers for a better understanding of Why cargo insurance and insurers matter..
Cargo insurance is a type of insurance that protects a buyer or seller of goods against damages or loss of cargo..
Despite insurance having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase” and in the case of cargo shipments, many people ask the question “Do I need cargo insurance for my shipment“..??
By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances and there is nothing more adverse than cargo damage..
From a
• Local (Street to Street, City to City, Town to Town etc)
• Provincial (Within the same province or state etc)
• National (Province to Province, State to State etc)
• Global (International trade between countries)
• Regional (Within regional trade blocs like EU, BRICS etc)
there are several modes and types of trade/shipments around the world..
Where there is a shipment, there is a possibility of cargo damage and where there is the possibility of cargo damage………………….
Seal number discrepancy between manifest and container happens many times than you can imagine and this happens all over the world.. How and why does this seal number discrepancy happen and what steps should a consignee take when it happens..??
Shipping and freight does not just involve ships and containers.. Local logistics and transportation are also considered to be part of the industry.. Where there is transport, there is always theft.. Theft of cargo, theft of fuel, theft of spare parts, theft of vehicle etc etc etc.. From this list, cargo theft is a serious problem for companies all over … Read more here..
Insurance is a very important item in any business transaction.. Shipping is no different..
Will there be any impact on the insurance cover taken if the bill of lading issued for the shipment is an Express Bill of Lading..??
Incoterms, the transfer of risk and the title to sue are some of the issues that are discussed at length and detail across many platforms.. There is however a great deal of misunderstanding and miscommunication about this subject.. The latest TT Talk article from the TT Club discusses this issue in detail..
Can I lodge an insurance claim with an original bill of lading or do I need all original bills of lading..??
The trigger for this topic is a question that a reader Sandreen asked as below..
One of our shipments caught fire on transit. To get the Insurance claim I have to submit the full set of original B/Ls, but I have lost 2 original B/Ls.