Have you ever thought about what happens when you have damage or a complete loss of your cargo and no All-Risk Cargo Insurance? Most businesses believe that they will be reimbursed for their loss, and while yes, carriers do have liability insurance, the coverage is minimal and has plenty of exclusions. That is why you need to have all-risk cargo insurance.
What Kind of Incidents can be Prevented with All-Risk Cargo Insurance?
- Shipping containers lost at sea: It happens when the vessel has an accident or encounters a natural disaster out at sea, and unfortunately, every year, there are more cases of this.
- Cargo damages: related to temperature, sinking, contamination, and more.
- General Average: a legal principle of Maritime Law under which, all parties who are involved in that voyage, will be asked to proportionally share the losses resulting from such sacrifice i.e., Ever Given’s Suez Canal Incident of 2021
- Cargo theft: stolen cargo is rising every year, and with international maritime shipping, there is a high risk of piracy.
As you can see, the risk to your cargo is high. That’s why it’s essential to be prepared and protect your assets with all-risk insurance when transporting cargo.
What are the Benefits of Having an All-Risk Cargo Insurance Policy?
- Minimizes financial loss when the cargo has been damaged or lost
- Pay only as you use
- Quick claims process
- Worldwide coverage
Having an all-risk door-to-door cargo insurance policy protects your goods at their full CIF value, providing you complete coverage for all unforeseen incidents, regardless of the mode of transportation. This is important to note as unlike a carrier, who, even if they are legally liable, usually has a limit far less than the value of goods that are commonly shipped. Take, for example, ocean freight, where the limited liability payout is $500 per shipping unit.
GLC offers best-in-class specialty insurance, rated A Excellent by AM Best. Our all-risk cargo insurance covers your goods from the origin to the destination, from your hands to your customer’s hands. Having our all-risk door-to-door cargo insurance means that we do all the work for you. You will have extended coverage for unexplained shortages, replacement by expedited air, insured in-warehouse storage upon request, Government destruction coverage, concealed damage, and more.
You can reduce risks and maximize efficiency with our complete service. We put decades of experience to work for your company, helping you develop resilient supply chains that drive sustained profitable growth. Don’t hesitate to ask us for our all-risk door-to-door cargo insurance and ensure your assets are fully protected.