Cargo insurance protects your shipment investmentManage risk and avoid financial losses with all risk Insurance
What are the main reasons for shipment loss? Ongoing studies by a global insurance company reveal that 2,815 shipping incidents occurred in 2019, up 5% from the previous year. These shipping losses occur because of:
- Bad weather - 20% of losses
- Machinery damage - over 1,000 incidents
- Global “hot spots” - areas prone to theft or accident
Proper crating and packing are only part of a safe shipment. The unexpected can and does occur. That’s why you need Cargo Insurance.
In international trade, the liability of carriers (freight forwarders, airlines, shipping lines etc.) is limited by law. Compensation may therefore be considerably lower than your actual loss.
Moreover, conventions are often further limited due to additional exclusions of liability.
With cargo insurance, if a shipment is damaged or lost, the insured customer will be timely compensated for the full replacement value of the goods.