Insurance V2

Legal regulations and international agreements stipulate that the liability of your freight forwarder is limited. Therefore, it is essential for you to secure insurance against unexpected events. With ESGL Cargo Insurance, you can effortlessly shift the risk from your shoulders to ours, ensuring the continuity of your business.

We provide a range of comprehensive coverage options designed to safeguard your business from unexpected occurrences, all while ensuring a swift and straightforward process.

Cargo insurance can be tailored to meet the specific needs of the cargo owner and can provide coverage for various types of cargo, including bulk goods, containerized cargo, and specialized cargo such as perishables and hazardous materials. Here are some key points to keep in mind about cargo insurance:

Cargo insurance is an essential component of marine insurance that protects the goods being transported by sea from the risks of loss, damage, or theft during transit. With the increasing demand for international trade, the importance of cargo insurance has only grown. The risks faced by cargo owners are numerous and can result in significant losses if not adequately insured. These risks include natural disasters, piracy, theft, accidents, and damage caused by improper handling and storage.

Types of Cargo Insurance: There are two main types of cargo insurance; All Risks and Free of Particular Average (FPA). All Risks provides the most comprehensive coverage and is recommended for high-value goods. FPA provides coverage only for losses resulting from total loss or damage to the cargo.

Coverage Limits: The coverage limit for cargo insurance should be carefully considered to ensure that it is adequate to cover the full value of the cargo being transported. The coverage limit should include not only the cost of the goods but also any additional costs associated with transportation, such as freight charges and customs duties.

Claims Process: In the event of a loss or damage to the cargo, the cargo owner should notify the insurer as soon as possible and provide all necessary documentation to support the claim. It is essential to keep accurate records of the shipment and any damage or loss incurred.

Exclusions: Cargo insurance policies typically contain exclusions, which specify the risks that are not covered. These exclusions can vary depending on the policy and should be carefully reviewed to ensure that the cargo owner is aware of any potential gaps in coverage.

Importance of Proper Packaging: Proper packaging and labeling of cargo are essential to minimize the risk of damage during transit. Cargo owners should ensure that their goods are packaged appropriately and labeled correctly to avoid any issues with claims handling.

Cargo Insurance

Types of Cargo Insurance

There are two main types of cargo insurance; All Risks and Free of Particular Average (FPA). All Risks provides the most comprehensive coverage and is recommended for high-value goods. FPA provides coverage only for losses resulting from total loss or damage to the cargo.

Coverage Limits

The coverage limit for cargo insurance should be carefully considered to ensure that it is adequate to cover the full value of the cargo being transported. The coverage limit should include not only the cost of the goods but also any additional costs associated with transportation, such as freight charges and customs duties.

Claims Process

In the event of a loss or damage to the cargo, the cargo owner should notify the insurer as soon as possible and provide all necessary documentation to support the claim. It is essential to keep accurate records of the shipment and any damage or loss incurred.

Exclusions

Cargo insurance policies typically contain exclusions, which specify the risks that are not covered. These exclusions can vary depending on the policy and should be carefully reviewed to ensure that the cargo owner is aware of any potential gaps in coverage.

Importance of Proper Packaging

Proper packaging and labeling of cargo are essential to minimize the risk of damage during transit. Cargo owners should ensure that their goods are packaged appropriately and labeled correctly to avoid any issues with claims handling.

Cargo Insurance

Cargo Insurance

You are applying for - Insurance V2