Cargo Insurance

Cargo insurance is an important tool for businesses that rely on the global transportation industry to move their goods. It covers the many of the risks associated with transporting goods by ocean, air, road, or rail, and it pays the cargo owner for its losses due to cargo loss or damage.

There are several types of cargo insurance available, including:

• All risks coverage: This type of cargo insurance covers all risks of loss or damage to the cargo except those specifically excluded in the policy. It’s the most comprehensive type of cargo insurance.

• Named perils coverage: This type of cargo insurance covers specific risks that may cause loss or damage to specific cargo identified in the policy. These risks may include fire, theft, collision, or natural disasters. Named perils coverage is generally less expensive than all risks coverage, but it provides less protection.

• Open cover: An open cover is a type of cargo insurance providing continuous coverage for a specified period of time, rather than a one-time shipment. It’s typically used by businesses that regularly ship goods and want to have ongoing protection in place.