Glossary
Cargo Insurance
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Cargo insurance is highly recommended, because any number of pitfalls might befall your shipment on its journey.
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What is cargo insurance?
Cargo insurance is a type of insurance coverage that a cargo owner purchases to protect against loss or damage to goods being transported by land, air, or sea. It is a specialized kind of insurance that is tailored to the risks involved in transportation.
Cargo insurance covers the value of the goods being transported, as well as other specified expenses associated with the cargo.
Cargo insurance can be purchased on a per-shipment basis or as a term policy covering multiple shipments over a set period of time. The language in cargo insurance policies determine when the insurer is obligated to pay for cargo loss or damage. The languages of different policies vary, depending on the insurer and the type of goods being transported, and it is important for the insured party to carefully review the policy to understand what is covered and what is excluded.
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