The Importance of Cargo Insurance
Before understanding the importance of cargo insurance, let’s first focus on its definition. Through such policies, you get cover/compensation against loss/damage/theft of cargo. Sometimes, you are obliged to purchase the insurance as a part of your sales contract. This is usually done to protect the interest of the bank or buyer. Ignoring insurance may invite lawsuit or loss of sales. To obtain the cargo release after a general average, it might be crucial to post a bond and cash deposit. The insurance service provider expedites the cargo release when you purchase an insurance policy. So, what’s covered under an insurance policy? Under this insurance, damage due to infestation, inappropriate packing, customs rejection, harsh weather, sinking, and non-delivery are covered. The international shipping agency you have chosen can guide you on this in detail. It is equally important to focus on choosing the right service provider. Compare the quotes of different compa