Making Senses of Contingent Cargo Insurance
Making Senses of Contingent Cargo Insurance
Contingent cargo insurance – When you ship your product across the nation or even around the globe, there always be a possibility that the products you ship won’t make it to the destination or even worst, the products can be damaged in transit. Certain accident like sinking ships can also be your bad dreams because there is no way to save your goods. Thus, the only way to protect your profit from the loss is by carrying contingent cargo insurance.
Contingent Cargo Insurance: Why It Is Important?
Insurance is necessary to have because it can save you from potential loss especially if you deal with transportation that has higher risk during its shipping process. To protect from any loss during shipping process, you need contingent cargo insurance that will minimize your problem. This type of insurance usually doesn’t only provide protection to the goods that possibly rejected but it also address beyond issuing policy.
Cargo insurance will very essential especially when you ship your product around the globe. The insurance company that offers contingent cargo insurance provides two types of basic coverage. The first one is overseas policy and the second one is voyage policy. Overseas policy also refers to open cargo policy because it aims to insure the goods that are sent overseas. Moreover, it protects your product’s value when it is damage.
Meanwhile, voyage policy protects your goods for specific shipments until your goods reach to its destination. If you think that you ship your goods to the dangerous zone, you can buy risk coverage that will give extra protection.
When It Is Used And What It Covers?
You may still have a blur perception about contingent cargo insurance because you don’t have real example how it is used and what it covers. This type of insurance will be very helpful when products that you ship are damage during the shipping process. Then, shippers make a claim but the carriers refuse to do so. After that contingent insurance come to rescue because it will address the problem. If you still confuse about this insurance, let me give you an example.
You may ship a container of electronics stuffs to Timbuktu but then there is something bad happen during the shipping process. The captain of the ship decides to throws your goods to save the ship but the carrier won’t pay the loss because the damage is probably happen for security procedure. Then, the insurance company that provides contingent insurance will pay your loss with almost the same as your product’s value.
You may wonder what is being covered with this type of insurance. Actually, it has already mentioned before that contingent insurance will cover the loss of the cargo for common carriers such as truck or ship. Some company also offers this type of insurance for securing the damages caused by improper packing and even employee dishonesty. Under the name of all risk cargo insurance, you can ensure that your products make to its destination.
Before you buy contingent cargo insurance for shipping your product, make sure that you buy strongest insurance protection from a trustable company. The insurance company you choose should be able to provide comprehensive insurance because it will protect your products from all potential risk that may happen during the shipping process. You can ask independent insurance brokers to find the best insurance company that are willing to work for you.
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