Cargo Insurance | Shipping & Air Cargo Insurance in Singapore
Cargo Insurance | Insurance
by Bienu
27 September 2020
What is Cargo Insurance?
Any movement, be it of the human body or immovable goods is rife with hazards, dangers, injury or maybe total loss. Same is the case with your cargo which changes hands for packing/repacking, sealing, stamping, off-loading from trucks and containers before on loading on the vehicle.
It is exposed to so much damage while going through these processes. It is a matter of huge concern that your cargo carrying precious stuff delivered safely from warehouse to warehouse. To ensure safety, think insurance, cargo insurance. This will give you peace of mind as well as make your replacement process smooth.
Common calamities covered by Cargo insurers include:
- Natural disaster
- Vehicle accidents
- Acts of war
- Piracy
- Cargo abandonment
- Customs rejection
Why do you need Cargo Insurance?
When your shipment is damaged due to any of the above reasons, cargo insurance pays up to the amount you insured it for, minus your deductibles.
Typical exclusions would be damages caused by your inadequate packing say if water seeps in and corrodes your shipment, the responsibility for the damage is on you or damages caused by faulty goods like if the carrier can show your product has a flaw that caused the damage, then insurance is not payable.
You need to indicate a price value to every insured item on your list. This price value is what it would cost to replace it at destination if it gets broken beyond repair. This will be required while making the claim.
Cargo Insurance will enable you to mitigate losses due to theft, catastrophes, damage of goods or loss of goods etc. by ensuring that the value of goods in the cargo is covered.
This way we see that Cargo Insurance is very important for the safety of your precious goods.
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