In Transit Insurance from Cradle to Grave Coverage
A great number of your clients are faced with many shipping logistics, requiring them to carry in transit insurance. Lets face it, the more cargo they handle, the more likely the chances that something in their care may suffer damage, destruction or loss, and that can cost them a lot of money. We hear about disasters happening everyday. Acts of terror have made the world a much less safe place, and even beyond terrorist acts unfortunate mishaps can occur.
We also hear reports about ships sinking, and natural and man made disasters are becoming a regular occurrence as well. Bad weather also causes a great deal of problems for the logistics industry. And, beyond that, there are dishonest people in the world looking for opportunities to make off with someone else’s valuable inventory. Protecting against cargo theft is now an intrinsic part of doing business, including having the right type of insurance.
Protecting Valuable Assets
There are many ways in which your clients can make sure those assets in transit are protected. For instance, when goods are in transit they should carry insurance that provides coverage for physical loss or damage to cargo while in transit, either internationally or domestically. Every year cargo theft takes a major toll on companies that transport goods, with estimated losses totaling more than $15 billion annually.
The shipper who sends their products to a specific destination often assume that the carrier is responsible for providing compensation if the product is somehow damaged. However, the carrier cannot be held responsible for any damage or loss incurred by natural disasters. Owners and shippers have to make sure that the consignments are packed well, but also need to buy adequate coverage in case the unexpected happens.
While policy specifics will vary between countries, insurance companies and types of shipments, the essential need for in transit insurance for shipments in your clients care will ease their financial burden should they be deemed responsible for any loss or damage from cradle to grave.