Insurance

Everything About The Best Cargo Insurance Companies

Best cargo insurance to safeguard your shipment

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Did you know that as per the BSI and TT Club 2020 Report on cargo theft in 2019, India accounted for a huge 64% of all the theft in Asia? Did you know that the same report found cargo being shipped via road to be at the maximum risk of theft? Would you believe it if we say that globally eight incidents of cargo theft happened every day in 2019? Your answer, probably, would be no.

But this is the reality. And precisely because of this data-backed reality, you should opt for the best cargo insurance for your goods.

We often tend to take things for granted without realizing how prone our cargo is to theft/damage/loss in transit. You might believe that your cargo is safe because it is packaged well, and trusted in the hands of a renowned transporter. However, you also need to understand that there is a high chance of the vehicle meeting with an accident or a collision, a mob of thieves, any natural calamity, or even a man-made mishap. All these data and facts only serve to highlight the importance of finding the best cargo insurance companies so that you can have stress-free shipping.

We know how intimidating it can be when you don’t have enough knowledge about the basics, such as the cargo insurance types and cargo insurance companies. Not everyone knows what type of insurance covers cargo, so we’ve come to help you with that. Let’s take a look at everything related to the best cargo insurance!

Understanding Cargo Insurance

If you have been wondering what type of insurance covers cargo, then cargo insurance is the answer to all your woes.

Cargo insurance, as the name suggests, is an insurance policy you get for covering the losses/damages that a cargo shipment might incur during transit. Depending on the cargo insurance companies, this insurance policy can cover goods transported via rail, road, air, or water.

For instance, Mr. Choudhary, a truck driver, is assigned cargo to be sent from Kolkata to New Delhi by road. Mr. Choudhary knows the dangers and risks involved in long road journeys and so he opts for one of the best cargo insurance. Hence, when a part of the cargo gets misplaced during the unloading, he has nothing to worry about. He raises a claim for the loss and he receives financial aid in return, depending on the coverage offered and the policy he bought from that particular insurance company. 

So as we can see from Mr. Choudhary’s case, getting cargo insurance holds him in good stead. The cargo insurance companies levy a reasonable amount to be paid as a premium for the period of, say, 8-9 days (depending on the approximate duration of the journey) and offer monetary assistance in case of an unforeseen mishap.

Cargo Insurance Types

You need to know the cargo insurance types so that you can make an informed decision. Let us briefly touch upon the types of policies offered by the best cargo insurance companies:

  1. Land cargo insurance: These are the cargo insurance types that cover cargo being shipped via road/land. For example, cargo ferried by trucks/lorries, containers, trailers, tempos, etc.

  2. Marine cargo insurance: Primarily used for international shipping, this offering by cargo insurance companies covers goods transported via sea routes. Some of the best cargo insurance companies also include air travel under such cargo insurance types. 

Finding The Best Cargo Insurance Companies

As a truck driver, undoubtedly you would want to settle with nothing but the best cargo insurance companies. Make sure you take a thorough look at the market before finalizing one. Some of the things you should consider are:

  • Experience of the cargo insurance companies–The number of years spent in the field will suggest how experienced and knowledgeable they are.

  • Cargo insurance types being offered–What are the policies they have, what type of insurance covers cargo, what are the different policies they have, every detail should be noted.

  • Cargo insurance coverage–what does the policy cover, and what are their clauses, pay heed to all this thoroughly.

  • The amount to be paid as premium or any other charges involved–Know how much you need to invest in this.

  • Claim settlement process and timeline–the procedure to raise a claim, the documentation, and the expected duration to receive the claimed amount, knowing all this beforehand will be valuable.

  • Assistance and support provided to the customers–check if they are available to guide and assist you.

  • Feedback and reviews on the best cargo insurance companies–what their past customers have to say about their services tell a lot about them.

Returning to the case of Mr. Choudhary, he was wise and patient enough to consider the different cargo insurance companies and weigh their pros and cons. This ultimately helped him in raising a claim and getting it settled without many hassles. Moreover, the cargo insurance policy coverage also secures his shipment against most perils involved in the transport and logistics sector.

The Bottomline

We can conclude by again driving home the point that you should seriously consider getting one of the best cargo insurance. All it needs is a little time and patience to finalize the policy and the policy provider. However, if you are not sure about what type of insurance covers cargo, you can get in touch with Vahak to get a clear insight into this.

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