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What is the Importance of Cargo Insurance?

Updated: Apr 8, 2022

What is the Importance of Cargo Insurance? Did you know that having No Insurance for Your Cargo still Leaves You Liable for Losses?

Goods are key to the Supply Chain and profitability it is essential to know where they are to ensure you a ready for the Perils of Sea and Land with no expensive uncosted surprises.

Cargo insurance typically covers All Risks of Physical Loss of or Damage to Goods during Transit, Imports, Exports and Domestic Carriage, including any Incidental Storage. Storage outside the ordinary course of transit can be added as an extension to a Cargo Insurance Policy. As soon you own Goods you have a Commercial Liability for its Physical Loss or Damage and should it cause Loss or Damage to others.

When you have a Goods on a Vessel you have liability for its Salvage and Recovery due to the rules of Salvage at Sea. The "Ever Given" was stuck in the Suez Canal the Authorities are paid compensation which will be met by the Ship and Cargo Owners, the "Ever Last" is currently blocking the riverway in Virginia. Cargo Owner Liability is Apportioned based upon the Value of Cargo in proportion to the Vessel Value we understand each ship is valued at over USD300,000,000,

Holtarka Limited is an independent Risk and Insurance Consultant being a FCA authorised Appointed Representative of Lloyds Broker Bellwood Prestbury Limited. We have 35+ years of Enterprise Risk Management guiding companies to be Risk Ready. We work with you to secure Your Business, Review Your Supply Chain and Insurance For Your Goods and Contracts to find alternate effective products and plans for your Business.

We can help you seek the appropriate Insurance Policy for your Cargo in Transit and Storage and avoid a large uninsured bill, which could exceed the value of your Cargo .

We are here to give you a Free and Confidential Review so you can understand what is available for your business, give us a call +447979801237 or check our website

#cargoinsurance#enterpriseriskmanagement#freight#salvagecosts #containerinsurance #supplychainmanagement #cargoliability #damagetogoodsintransit #riskmitigation #risktransfer

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