There’s a foolproof way to discover whether or not you have bad insurance, and that’s to find yourself in a situation where your policy won’t cover an important matter. When it comes to cargo liability insurance programs, you can’t afford to learn about your coverage the hard way. You need to go over every variable, every possible issue your shipment could encounter, and make sure your insurer has an answer for that problem. If you end up with a generic policy that only covers your goods halfway across the ocean, it’s only a matter of time before you run into a big problem.
To know which cargo liability insurance programs might work for you, you have to consider everything. If you’re only insured against a damage caused by a collision, your policy will fall short if your cargo is delivered late or mishandled after it arrives at its final destination. Depending on the product you ship, there are different portions of transit during which your business is more vulnerable to risk, and that’s what your insurance should specifically address.
Your company is unique, and the industry you work in has very particular risks. If you aren’t properly insured, those volatilities will come into sharp focus the minute something goes wrong. Protect your business by getting the right protection for your cargo.