The need for cargo insurance is not limited to import/exporters or transport providers. Regardless of what business you are in, it’s likely at some point during your supply chain you will be sending or be receiving goods. Some key industries that rely heavily on shipping include:
Bringing in raw materials and distributing finished products
Primary producers are continually transporting goods to and from their farms – ranging from grains and fruits to livestock transport
Moving goods from producer to retailer
Moving stock from warehouses and stock transfers
Importing and exporting raw materials and equipment
Most of the time, goods arrive at their destination without incident, however in the event that the unthinkable happens the consequences can be devastating for you and your business if you do not have adequate and appropriate cargo insurance coverage.
Marine cargo insurance, also known as freight insurance, marine insurance or shipping insurance, covers the risks of loss or damage to goods and merchandise while in transit by any method of transport – sea, rail, road or air – and while in storage anywhere in the world between the points of origin and final destination.