Why Do You Need Cargo Insurance

When your cargo is in transit, it is prone to risk that can damage or cause the loss of your shipment. Cargo insurance protects you from financial loss due to damaged or lost cargo. It pays you the amount you’re insured for, if your cargo is damaged during transit. And these covered events are usually natural disasters, vehicle accidents, cargo abandonment, customs rejection, acts of war, and piracy.

It also includes these 4 advantages for your business for taking cargo insurance:

• Your cash flow is protected from unforeseen stoppages
• Profits are still generated if coverage includes it
• Efficient procedure of claims because of professional service
• Simplified reporting of losses

In order to make a claim, you need the following 7 details about your shipment.

• Inventory Number
• Item’s room (Location of the item before it was packed)
• Item description
• Damage description
• Item Age and Date of Purchase
• Original and Replacement cost
• Claim amount