Cargo insurance can provide valuable protection for your business and help to ensure that your goods are transported safely and securely.
There are several reasons why you may want cargo insurance:
- To protect against loss or damage: Cargo insurance can provide financial protection in the event that your goods are lost or damaged during transportation.
- To meet contract requirements: Your agreements with your buyers might require that you have cargo insurance in place. This ensures that the goods are protected during transit, and can also provide peace of mind for both parties.
- To meet regulatory requirements in some countries: Some countries may require that goods being shipped to or from their ports be insured.
Overall, cargo insurance can provide valuable protection for your business and help to ensure that your goods are transported safely and securely.
Does Flexport offer cargo insurance?
Yes, Flexport offers ‘all-risk’ cargo insurance as a service to its clients. Flexport's cargo insurance is provided by leading global insurer: Navigators Insurance, a brand of The Hartford that specializes in Cargo Insurance coverage.
Flexport's cargo insurance covers a wide range of risks, including loss or damage to the goods due to accidents, natural disasters, and other unforeseen events. The coverage is designed to protect against financial losses that may arise from the physical loss or damage of goods during transportation.
Flexport's cargo insurance is available for air, ocean and domestic trucking shipments, and clients can choose from a variety of coverage options to meet their specific needs. Flexport's in-house Insurance team can help clients determine the right coverage level and assist with the insurance application process. To learn more, please reach out to the team at firstname.lastname@example.org.
It is important to note that cargo insurance is not included in Flexport's standard services, and clients must opt-in to purchase coverage. It is also important to carefully review the terms and conditions of the policy to ensure that it meets your specific needs. If you purchase "all-risk" cargo insurance, you'll see its cost on each shipment invoice.
What is included in my Total Insurable/Insured Value (TIV)?
For the insurable value, the total insurable value is the following:
Insured Amount = (Value of the Goods + Freight Costs) x 1.1 + Duties
This calculation will provide you with how much your shipment is insured for.
- Why should I purchase cargo insurance instead of using my business' existing commercial insurance?
- What's the difference between cargo insurance and cargo liability insurance?
- What factors should you consider when deciding to purchase insurance either by a per shipment basis or an annual policy for your cargo shipments?
- What are the risks of not purchasing cargo insurance?
- How do you calculate Total Insurable/Insured Value (TIV)?