Cargo insurance is a type of insurance that protects goods while they are in transit. There are several types of cargo insurance that businesses and individuals can choose from depending on their specific needs.
What is Cargo Insurance
1. All-risk insurance2. Named-perils insurance3. Total loss insurance4. General average insurance5. War and Strike Insurance6. More
All-risk Insurance: This type of insurance covers damage or loss to cargo from any external cause during transportation, except for specifically excluded events.
Named-perils Insurance: This type of insurance covers only the specific risks that are listed in the policy, such as fire, theft, or collision.
Total loss Insurance: This type of insurance covers the full value of the cargo in case of total loss, which means the cargo is damaged beyond repair or lost completely.
General average Insurance: This type of insurance covers costs incurred during an emergency situation, such as when cargo needs to be jettisoned to save the ship from sinking.
War and Strike Insurance: War and strike insurance provides coverage for loss or damage to goods caused by acts of war or strikes.
Cargo insurance is important because it provides protection to businesses and individuals against financial losses due to damage or loss of cargo.
Importance of Cargo Insurance
Cargo insurance is an essential part of international trade and transportation.By choosing the right type of cargo insurance , businesses and individuals can protect themselves against financial losses and ensure the safe delivery of their goods.