Marine Cargo Insurance is a staple, in other words, a necessity to the transport of goods both domestic and internationally. Transportation intermediaries and logistics service providers are in an ideal position to offer quality Cargo Insurance, sometimes referred to as Shippers Interest, to protect their clients’ financial interests.
Marine insurance is very important because through marine insurance, ship owners and transporters can be sure of claiming damages especially considering the mode of transportation used. Of the four modes of transport – road, rail, air and sea – it is the latter most which causes a lot of worry to the transporters not only because there are natural occurrences which have the potential to harm the cargo and the vessel but also other incidents and attributes which could cause a huge loss in the financial casket of the transporter and the shipping corporation.
Unforeseen damages and losses whether directly or indirectly caused during voyage is hard to anticipate and thus it’s always a liability unaccounted for when it happens. Incidents like piracy and possibilities like cross-border shoot-outs also pose a major threat when it comes to sea transportation or even land transportation and therefore in order to avoid any loss because of such events and happenings, in the interest of the corporation and the transporter, it is always beneficial to have a back-up plan like a marine insurance coverage.
Marine insurance also provides comprehensive cover for the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Customer can ship goods anywhere throughout the world and enjoy peace of mind knowing that their goods are covered from the time they leave the premises until their customer receive the goods at their premises.