marine insurance Archives

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…

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…

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…

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,…

What is Marine Cargo Insurance?

Marine Cargo Insurance covers the loss, damage, or theft of commodities while in transit between the point of origin and final destination. This is also known as shipping insurance or freight insurance. Marine Cargo Insurance is one of the most essential branches of insurance and an indispensable aid to international trade. Cargo Loss and Damage…

Carrier Limit of Liability: Filing a Lost Freight Claim

Filing a lost freight claim with a carrier while only being covered by carrier limit of liability is consistently a losing battle for shippers. Shippers expecting to be fully reimbursed by their carrier for their lost goods are almost always unpleasantly surprised by the amount they actually receive. Lost Freight Claims Covered by Carrier Limit…