TYPES OF CARGO INSURANCE

One thing that almost everyone knows is that the conditions at sea can be difficult, which is why many freight forwarders emphasize the importance of properly packing and ensuring the transport of friend. But with the unpredictable nature of the mother, the shipment is never completely safe.

Your goods are securely placed, your pallets are stacked and your weight distribution is correct. You have packed and secured your shipment with a book and it’s good when you think about teaching a 101 course on how to prepare your shipment. The container door closes, and it goes on its ocean voyage. Now can you breathe a sigh of relief?

Why is cargo insurance important?

While it’s good (and highly recommended) to take all the precautions you can to prevent your shipment from being damaged, there are always other factors out of your control. . Unexpected weather conditions and improper packing by other shipments on board your goods are moving (for LCL shipments), for example, can easily damage a cargo. chemistry. The fire on the Maersk Honam will be a good example. In sea freight, it’s always better to be safe than sorry, and one way to do that is cargo insurance.

All shipping lines are legally obligated to provide insurance for the goods they ship on their ships. But this coverage is very limited and you should buy additional insurance to protect yourself.

What is import and export cargo insurance?

Insurance of import and export goods is the commitment of the insurance unit to compensate the goods if the goods unfortunately suffer damage, loss or risk during transportation.

• Import and export goods are goods that can be insured.
• Goods are insured during sea, road, rail and air transport around the world.

Types of insurance for import and export goods when shipping goods to foreign countries

There are many units providing insurance for import and export goods for individuals and businesses shipping internationally. Each insurance provider will have different insurance policies with prescribed fees. Customers need to base on the needs, financial capacity and type of goods to transport to be able to choose the type of cargo insurance accordingly. There are types of cargo insurance such as:

• Insurance for import and export goods by sea
• Insurance for imported and exported goods by road
• Insurance for import and export goods by air
• Insurance for import and export goods by rail

The losses are accepted through compensation for import and export goods

The loss of goods is something no one wants, but customers also need to know the level of damage that if happened, they will be compensated insurance. These losses are also part of the rules and agreements between the insurance provider and the insurance buyer. Apart from these losses, there are also other losses which are specified after agreement between the two parties. Types of losses are prescribed when buying insurance for goods such as:

• Explosion.
• Ships and boats are stranded, sunk or capsized.
• Land vehicles were overthrown or derailed.
• Collision of ships and vehicles with any other objects other than water.
• Unloading goods at the port where the ship is in distress.

At FYM Express, we are experienced professionals in the shipping industry, following the correct shipping procedures in ports across the globe. As your trusted partner in global shipping, we know the importance of your supply chain. Call us at (84) 028 66 787 222  to see how we can help you optimize your shipping experience.