Insurance for Goods in Transit
We can insure goods by taking out an insurance policy on them. This will protect the goods from damage or loss, and will reimburse the owner if they are damaged or stolen.
Types of Cargo Insurance
There are two main types of cargo insurance for international shipments:
- Carrier liability insurance
- Cargo insurance
Carrier liability insurance means that the cargo owner is reimbursed for losses caused by the carrier’s fault. Cargo insurance protects shipments from theft or physical damage.
Benefits of Goods Insurance
The advantages of insurance for goods in transit include:
- Protection of the goods: When goods are in transit, freight insurance covers the cost if they are lost or damaged.
- Storage Protection: Cargo insurance provides protection while the goods are in storage.
Some insurance companies combine goods insurance with inventory insurance.