Cargo Insurance
Cargo insurance is a type of insurance policy that covers the loss or damage of goods while they are being transported by land, sea, or air. This type of insurance provides protection for businesses and individuals who are shipping goods, and it can help cover the cost of replacing lost or damaged items. Depending on the policy, it may also cover other things such as theft, delays, and more.
Types of Cargo Insurance
There are various types of cargo insurance available, depending on the type of goods you are shipping and the mode of transport. Generally, the types of cargo insurance include;
- All Risk Cargo Insurance,
- Specific Risk Cargo Insurance,
- Advance Loss of Profit Insurance,
- Marine Insurance.
All Risk cargo insurance
All Risk cargo insurance provides the most comprehensive coverage and covers all types of damage, including damage from external causes.
Specific Risk insurance
Specific Risk insurance provides coverage for damages from specific causes, such as fire, theft, and natural disasters.
Advance Loss of Profit insurance
Advance Loss of Profit insurance covers a shipper’s loss of profit in the event of damage to the goods.
Marine Insurance
Marine Insurance covers the physical loss or damage to cargo from the time it leaves the port of origin to the time it reaches the port of destination.