Weighing Out Your Cargo Insurance Options
Finding the right transportation insurance company can take some mind-boggling research and leave you wondering where to turn for the right coverage. LA 24-7 Forwarder takes into consideration the type of freight you are shipping, the transportation means you are needing, and the budget you have to work with. Relying on us to choose the right coverage will save you time, hassle and headache.
Types Of Freight Insurance
LA 24-7 Forwarder recommends the type of shipping insurance called All-Risk. This assumes responsibility for covering anything that happens externally to your cargo. It may have exclusions, but they will be listed. It only pays for physical loss and damage.
A second freight insurance to consider is Total Loss. This covers your cargo in the instance the entire shipment is lost, including your cargo. This has no packaging requirements and accepts owner packed goods. It covers the total loss of goods, as well as the risks associated with external causes.
Another type of shipping insurance is Named Perils. This type will not cover theft, but will specify that in the event of stranding, sinking, burning, collision, fire, lightning, and crashing, you will be reimbursed for your freight. All insurance types cover national and international transport.
Additional insurance can be purchased to cover in-transit storage, single entry customs, and FDA rejection. These specific types of insurance are provided through an authorized agent working in collaboration with our logistics department.
Modes for Insured Shipping
Shipping can occur by air, rail, truck or ocean. In the case of marine insurance, you are likely looking at an international scenario. By requesting maritime insurance specifically, LA 24-7 Forwarder can can choose the best freight forwarder that accepts your coverage. Inland marine insurance is coverage for such items as truck cargo, or anything in-transit over land. It does not cover during storage or warehousing. These are sometimes called “floater policies” as they cover you at any location. It is generally broader than property coverage, and is therefore usually a temporary addition during delivery and distribution.
When to Choose More Coverage
Shipping Insurance can be tricky to know when it’s appropriate to choose more coverage than you anticipate needing. Budget constraints may seem likely to hold you back, but when thinking of the potential downfalls of finding yourself under-covered, it is not so hard a decision. For example, imagine your packages are part of a truck cargo shipment and the truck gets into an accident. If you haven’t chosen Total Loss coverage, then you could be liable for a percentage of the overall shipment that may add up to more than your original product was worth. At LA 24-7 Forwarder, we hate to see that happen, so we always advise you of potential risks associated with each type of transportation so you can make an educated decision on what type of freight insurance to get.
Forgetting to insure your shipment is like taking on choppy waters without a life jacket. It simply doesn’t make sense to leave shore without it. Call LA 24-7 Forwarder today at (800) 648-9889 for your FREE Quote!