What is Cargo Insurance?
Cargo Insurance meaning
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Cargo insurance protects a business financially from losses if their cargo is lost or damaged.
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This coverage provides reimbursement for the specified value of goods should an incident occur, ensuring that businesses are not left to bear the financial burden alone
How much is cargo insurance?
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A general guideline is to ensure coverage for 110% of the Commercial Invoice value, including freight and duties, for all shipments.
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Cargo insurance rates may vary based on value of the goods, cargo types, loss history, coverage amounts and other factors.
Who needs cargo insurance?
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Usually, the shipper is responsible for arranging cargo insurance where needed.
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This responsibility may be highlighted by the carrier or freight forwarder, ensuring that adequate coverage is in place to protect the shipment throughout its journey.
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