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Insurance

Insurance services in freight terms play a crucial role in international trade and transportation. Cargo insurance is designed to protect the value of goods being transported. It covers losses or damage to the cargo due to various risks, including theft, damage during loading/unloading, accidents, fires, natural disasters, and more.

There are different types of cargo insurance, such as all-risk, named-perils, and specific cargo policies, depending on the level of coverage needed. Freight insurance can cover the financial loss that occurs when a shipment is delayed, lost, or damaged, resulting in additional expenses or losses for the shipper or consignee. It may cover the cost of rerouting goods or covering extra expenses due to delays.

Inland transit insurance covers goods while they are in transit within a specific country, typically by road, rail, or inland waterways. This type of insurance can be used for domestic shipments or for international shipments when they are being transported within a specific country’s borders.

Advantages of Insurance:

  • Freight insurance helps mitigate the financial risks associated with the loss, damage, or theft of cargo during transit. It provides peace of mind to shippers by ensuring that they are financially protected in case of unexpected incidents.
  • Cargo can represent a significant financial investment. Insurance safeguards this investment by covering the cost of goods that are lost or damaged in transit, allowing businesses to recover their losses.
  • For cross-border shipments, insurance can help facilitate international trade by providing the necessary financial protection and compliance with customs regulations.