Cargo insurance is a legal contract between the insurer and the policyholder. It is designed for individuals involved in import & export business and use cargo ships, airplanes, trains, etc. to transport their goods from one place to another must purchase this policy. A marine cargo insurance policy is one of the best insurance covers that will help you safeguard your valuable cargo anywhere in the world. A cargo insurance policy will protect your cargo from any loss or damage caused during transit via road, sea, rail, or air.Read more
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Cargo Insurance policy is designed to provide indemnity cover for goods/cargo carried through different modes of transport and transit. A lot of money goes in packaging and transporting shipments. And any loss or damage would mean a huge loss. To cover up such losses, it is important to have cargo insurance in place.
Freight insurance can also be taken for goods during shipment. It helps in mitigating the risks related to the shipping process and helps you ship your goods in a secure manner. You can buy freight insurance directly from the shipper or an insurance provider.
There are various types of cargo insurance in India. You can buy cargo insurance cover that suits most of your requirements such as import, export, transit within India, single voyage etc. Let’s have a look in detail-
To save your shipments and recover the money invested in such consignments, it is important to have the goods covered under a cargo insurance policy. It is helpful in the following circumstances:
The insurer will compensate you for any damage that is caused to your shipment due to the specified natural and man-made disasters. Cargo insurance usually covers the loss or damage caused to the property due to the following reasons-
The major benefits of cargo insurance policies are listed below-
The policy does not cover loss or damage to cargo insured due to-
If you file a claim due to the above-mentioned reasons you will not get compensation under your marine cargo insurance policy.
People involved in the import & export business of goods can purchase this policy.
Apart from the sea, transportation by road, air, and railway are covered under this policy.
No, this policy does not provide cover for the delay in transportation.
Yes, the cargo insurance policy provides coverage for damage caused by natural calamities like earthquake, lightning, etc.
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