It is very difficult to be in your position as a property broker, negotiating deals between cargo owners and carriers in the global supply chain. If this has not happened to you yet, it is very likely that in the future, a cargo owner will file a liability claim against you because the carrier will not assume responsibility for any damages or losses. To be prepared, work with an agent to get contingent cargo coverage insurance.
The Complexity of Transportation Insurance
Transportation insurance is one of the few realms of insurance that is unregulated by state law, and the need for a skilled and knowledgeable lawyer becomes manifest in the extraordinary diversity in terms and coverage among different insurers. If that is not complicated enough, the fact that carriers and cargo owners can and should also be insured leads to a lot of different, convoluted legal scenarios. For example, the carrier’s insurer might refuse to pay, and the cargo owner’s lack of insurance pushes them to file a claim against you. If you are working with an uninsured cargo owner, convince them of how safe and responsible it is to insure their cargo, even if it is just for one particularly valuable shipment. Stay protected with the right contingent cargo coverage insurance so that you never suffer from unexpected legal and financial strain.