What is Cargo Insurance?
Cargo insurance provides financial protection against physical loss or damage of goods during transit, whether by sea, air, road, or rail. It's essential for businesses shipping valuable merchandise across domestic or international routes.
Types of Cargo Insurance Coverage
- All Risk Coverage: Comprehensive protection against most types of loss or damage
- Named Perils: Coverage for specific risks listed in the policy
- Total Loss Only: Covers complete loss of shipment
- General Average: Protection against shared losses in maritime shipping
Factors Affecting Insurance Costs
- Cargo Value: Higher value goods require more coverage
- Cargo Type: Fragile or hazardous items have higher premiums
- Transport Mode: Different risks associated with each mode
- Route: Distance and regions affect risk assessment
- Packaging: Proper packaging can reduce premiums
Why Use Our Calculator?
Our cargo insurance calculator provides instant, accurate estimates based on current market rates. It considers multiple factors including cargo type, value, and transport mode to give you a comprehensive cost breakdown.
Common Insurance Terms
- Premium
- The amount paid for insurance coverage
- Deductible
- Amount the insured must pay before coverage begins
- Claims Process
- Procedure for reporting and receiving compensation for losses
Best Practices for Cargo Insurance
- Accurately declare cargo value
- Choose appropriate coverage type
- Document packaging and loading procedures
- Understand policy exclusions
- Keep detailed shipping records