Cargo insurance is unlike other forms of business and property insurance, and there are aspects that you might not fully understand. Here are a few things that contingent cargo liability brokers know that you need to learn.
No State Regulations
Since transportation occurs across state and international lines, states do not regulate cargo insurance policies. That means plans vary across insurance companies, so you must thoroughly review your policy to make sure you are adequately covered. Contingent cargo liability brokers can provide expert advice on what your specific policy should include.
Coverage on Land, Air and Sea
When you purchase contingent cargo insurance, your goods are covered for all forms of transit. You do not need to purchase separate insurance for shipment by rail, sea or air. You also do not need to purchase additional insurance to cover warehousing, storage or natural disasters.
If your business provides logistical services to transport other companies’ goods, you need to offer cargo insurance to your clients so that their goods are protected. The cargo company’s insurance does not always cover all expenses.
Want to Know More?
To learn more about what contingent cargo liability brokers can do for your business, call your agent to discuss your current plan and determine what types of coverage your business needs.