Cargo insurance during transportation and storage:

Cargo during transportation:

• On all types of transportation: Insurance applies to cargo that is moved by various modes of transportation.

Cargo in storage:

• In a warehouse or terminal: Insurance covers the risks associated with the storage of cargo in warehouses or cargo terminals where the cargo may be exposed to various risks such as theft, damage or destruction.

Types of Insurance:

• Individual Shipments: The ability to insure individual shipments of cargo, allowing protection for specific shipments during their transportation and storage.
• Open Policy: The option to insure all shipments of a shipment for a specific period of time. This option provides continuous coverage for all shipments sent within a specified period of time, simplifying the insurance process for regular or frequent shipments.

This approach to insurance provides protection against the risks associated with the transportation and storage of cargo, regardless of the mode of transportation used and the frequency of shipments.

What affects the cost of a policy?

Market value of the cargo:

• The valuation of the cargo: The value of the cargo to be insured, which directly affects the price of the policy.

Type of transportation:

• Type of vehicle: The type of transportation used to transport the cargo (e.g., truck, ship, plane) affects the cost of insurance.

Transportation Route:

• Transportation Route: The length and complexity of the route the shipment is being transported on can also change the price of the policy.

Types of losses covered:

• Scope of coverage: The list of risks and losses that are included in the policy (such as damage, theft, loss) affects the cost of insurance.

Policy deductible:

• The amount of the deductible: The amount the policyholder must pay on their own before the insurance company begins to pay the claim affects the price of the policy.

Previous Loss History:

• Previous Losses: Record of previous loss events or insurance claims, which can affect the price of the policy.