Friday 26 March 2021

Cargo Insurance | Placing a Premium on Cargo Insurance

ANYTHING can go wrong with your shipment enroute to its destination – maritime disasters like containers falling overboard, ships breaking up, ships running aground, containers and ships catching fire and many other cases..If your cargo is not insured, you are not going to be compensated for the same and you could lose your business and livelihood. So think again. In 2015, losses due to cargo theft hit $22.6 billion, according to BSI Group's Global Supply Chain Intelligence report. And, in November 2016 alone, the Transportation Asset Protection Association recorded 231 freight thefts in the EMEA (Europe, Middle East and Africa) region. The average loss topped 60,000 euros, or about $64,000.Cargo insurance, which covers products in transit, can protect against these risks. Although it is sometimes referred to as "marine insurance," cargo insurance can cover shipments moving via ship, truck, rail, and/or air, depending on the policy.