Why is it Difficult to Get Warehouse Coverage?

Why is it Difficult to Get Warehouse Coverage?

Warehouse cargo insurance coverage has become more challenging to secure as more businesses seek this type of cargo insurance in the hardening market. The Hardening Insurance Market Warehouse coverage becomes complex when it comes to securing a policy in a hardening insurance market. A hard market is an upswing in a market cycle, in which…

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What is Warehouse Insurance Coverage?

What is Warehouse Insurance Coverage?

Warehouse Insurance protects cargo during storage. A cargo insurance policy can be extended to cover additional warehouse coverage, including floods, windstorms, and earthquakes. Policies are customized based on the type of goods, mode of transport, and preferred protection. A warehouse’s responsibility is to keep their customer’s goods safe in exchange for a fee. Warehouses offer…

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What is Defined as a Package?

[Video] What is Defined as a Package? | Carrier Limit of Liability

Federal courts have struggled to provide a clear and specific definition of a package for the purpose of carrier limit of liability. Carriers and their insurers have attempted to limit liability by having the courts treat a container or pallet as a package rather than individual packages in the container or on a pallet as…

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Cargo Insurance Premium Adjustment Options

Cargo Insurance Premium Adjustment Options

It’s beneficial for shippers to know what cargo insurance premium adjustment options are available to find the best fit for their business. Marine cargo insurance premiums are generally implemented using an open policy or a flat annual policy, which dictates how a shipper’s premium will be evaluated and paid. On top of choosing a premium…

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Cargo Insurance Risk Management Options

Cargo Insurance Risk Management Options

When insuring their cargo, importers will need to decide what risk management option is ideal for their business. When purchasing Marine Cargo Insurance, Importers must choose if they want to insure their goods shipment-by-shipment or use an annual policy. For an importer to choose the risk management option that is right for them, they must…

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What is an Endorsement Clause?

What is an Endorsement Clause?

An insurance endorsement clause, also called a rider, is an amendment attached to an insurance contract that adds, removes, or changes the policy’s coverage. An endorsement clause can be added when a Marine Cargo Insurance policy is issued, during the policy term, or when the policy is renewed. It can increase or decrease insurance costs,…

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