Have you ever read the back of a bill of lading? Do you really know how much your carrier is liable for during a shipment? In some cases, even if a carrier is found to be at fault for the loss, your coverage may be around $0.50 per pound. Yes, that reads fifty cents per pound. If you are shipping goods domestically or internationally, consider how much your freight is worth. If it were lost or damaged, could you cover that loss? This is why you need cargo insurance.
However, the cargo insurance industry is highly specialized. There are many complexities when buying insurance to protect your shipment, and it takes someone in the industry to know how to underwrite your policy to give you the most peace of mind. The type of good, the method of transportation, and duration are all important factors that need to be considered as you purchase cargo insurance.
Trust your shipment to an insurance company that knows how to navigate this system. You don’t want to make an insurance claim on a shipment only to be told that your policy was insufficient for your needs. Not only would you lose your money on the freight, but you also lost money on the insurance that didn’t meet your requirements. Make sure that you get the insurance portfolio that fits your own situation so that you have peace of mind when your shipment is out of your control.