TYPES OF SHIPPING INSURANCES

The cargo insurance can be taken for national and international transport. It is very hard to standardise an insurance in different countries at the same time. We can divide this insurance in several categories:

TRANSFER INSURANCE

The transfer insurance is covering freight charges for non-delivery of the goods. This will provide you a reimbursement by the insurance company, if the goods are not being delivered, or if the freight contract is not honoured by the freight company after being paid. In case of a delay, this insurance is not applying. It can be useful if the freight is as expensive as your goods.

MARINE CARGO INSURANCE

Despite its name, this insurance covers your goods and commodities for an air, land or sea transport. It covers trucks, vessels, planes and other vehicles. Here, the transport and the goods are covered against damages caused by the loading/unloading, climate, piracy, thefts, accidents and other problems.

Mainly, it covers international transport. Your goods will be covered during transhipment processes also.

Presou Info : To know more about our air or sea services, do not hesitate to visit our dedicated pages: Air freight and Sea freight

*There are policies that can help you to understand more about these concepts.

These policies are :

• Open insurance loading policies: There are two offers about this policy, the renewable or the permanent policy. A renewable policy must be renewed after each police control, contrary to the permanent one. The permanent policy can be established for a definite period allowing unlimited shipments within this period.
• Particular average policies: When an enterprise reaches an insurance company or an insurance broker, they can ask for a specific freight policy. These policies are also called journey policies because a single journey will be covered by the insurance contract. It’s a type of insurance in which losses are only recovered by cargo owners, regarding particular average loss.
• Conditional insurance policy: In certain cases, not the seller but the customer is responsible of the insurance of the goods against loss or damage. There are risks for the client, if some goods are damaged during the transport and he refuses to accept them. In some cases, customers are not covering their goods and are denying their responsibilities. In such circumstances, sellers can ask for a financial compensation in front of a law court. This can become very expensive to one of the parties involved in the dispute.

Presou Remark : To have further information about the air freight insurances, please visit Federal Aviation Administration – Safety Assurance System (SAS)