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Insuring Your Goods: An Overview of Cargo Insurance
Cargo insurance is an essential safeguard for goods while they’re transported from one place to another. In a nutshell, it provides financial security against an array of hazards that may potentially occur during transit. This guide will delve into the diverse types of cargo insurance options provided by Dedola Global Logistics.
Frequently Asked Questions
Addressing Frequently Asked Questions About Cargo Insurance
Defining Cargo Insurance
Cargo insurance is a specialized form of coverage intended for shipments in transit from one place to another. It offers a protective shield against various transit-related risks such as theft, loss, or damage. It encompasses coverage for ocean and air freight policies, general average, stranding, sinking, burning, and collision, heavy weather, faults in vessel management, strikes, riots & civil commotions (SR & CC), pilferage, leakage, breakage, rough handling, explosion, jettison, improper stowage by the carrier, and war policy.
Scope of Risks Included
The range of risks included varies based on the specific policy. Frequently covered risks encompass theft, loss, damage, or destruction of cargo, in addition to damage stemming from natural disasters or transit accidents.
Who Should Consider It?
Cargo insurance is highly recommended for those shipping goods internationally, though it’s also beneficial for domestic shipments. For those transporting high-value or delicate items, cargo insurance becomes even more essential to mitigate potential risks.
The cost fluctuates based on several factors such as the goods’ value, mode of transportation, destination, and the extent of coverage required.
Acquiring Cargo Insurance from Dedola
Dedola Global Logistics provides more bespoke coverage options and competitive rates than traditional insurance providers. We strive to help our clients discern which services limit liability and determine the best way to insure their goods.
Procedure for Lost or Damaged Cargo
Upon discovering damaged cargo or loss of commodities in transit, a claim should be promptly filed with your insurance provider. Dedola assists in understanding the specific details required in claim documentation, including presenting evidence of loss or damage such as receipts or other pertinent paperwork.
Differentiating Marine Cargo Insurance and Freight Insurance
Marine cargo insurance covers goods transported by sea, while freight insurance covers goods transported by land or air. However, in the shipping industry, the terms marine cargo insurance and cargo insurance are often used interchangeably.
Legal Requirement for Cargo Insurance
While cargo insurance isn’t legally mandatory, it is usually required by shippers, carriers, and other parties involved in goods transportation. Certain countries might also stipulate specific requirements for their cargo insurance program. Dedola Global Logistics recommends consulting with our expert risk managers to understand liability, responsibility, and other necessary details.
Determining Adequate Coverage
The suitable coverage level depends on the goods’ value and nature, and the associated risk level. Working with our seasoned insurance provider will ensure that you obtain the right coverage for your needs.
Policy Modifications Post-Purchase
Yes, policy alterations can usually be made post-purchase. However, changes may involve restrictions or additional costs. It’s crucial to scrutinize the policy terms and liaise with your insurance company to ensure correct implementation of any changes.
Exploring Cargo Insurance Types Offered by Dedola Global Logistics
Ocean and Air Freight Policies, General Average, Stranding, Sinking, Burning, Collision, Heavy Weather, Faults in the Management of the Vessel, Strikes, Riots & Civil Commotions (SR & CC), Pilferage, Leakage, Breakage, Rough Handling, Explosion, Jettison, and War policy are among the diverse types of cargo insurance options offered by Dedola.
Cargo insurance holds paramount importance in the realm of international shipping, serving as a financial safety net for shippers against the potential losses arising from damage or disappearance of cargo during transit. Dedola Global Logistics presents a variety of adaptable coverage options, designed to cater to the unique requirements of each shipper and shield against a vast spectrum of risks and liabilities. Moreover, Dedola takes an extra step to keep shippers informed about their cargo insurance policies’ terms and conditions, along with any exclusions and restrictions.
In essence, procuring a thorough cargo insurance policy is a strategic move to diminish the risks linked with international shipping. The seasoned team at Dedola Global Logistics is ready to assist you in addressing your coverage requirements, ensuring your cargo is safeguarded against a multitude of risks and unforeseen occurrences that might transpire during transit.
Types of Coverage We Offer
Ocean and air freight policies
Stranding, sinking, burning, and collision
Faults in the management of the vessel
Strikes, riots & civil commotions (SR & CC)
Pilferage, leakage, breakage, and rough handling
Improper stowage by the carrier
Get in touch with our insurance expert to know more about how cargo insurance can help you and inquire about coverages and premiums.
Insurance Cost Pennies per $100 of Value
For example, if your goods were valued at $50,000, your insurance cost would be around $250. While some goods have a deductible that must be met before insurance can be collected, most do not.Call Us
What Our Clients Say
Above and beyond
They are constantly going above and beyond to make sure I am happy and getting personal attention. I am confident that we will be importing our bicycles with Dedola for a long time to come.
Dedola has been our trusted import broker since 2013. Their technology and shipment visibility rivals any large brokerage company, but their real strength is the personal attention from their great administrative team. I doubt there is a better combination of competitive pricing and outstanding service available in the industry.
We have been working with Dedola Global Logistics for almost a decade now and their customer service and pricing has always been exceptional. The team at Dedola are all first class trustworthy individuals. Never once have they steered us in the wrong direction. Their knowledge in each area of the industry has helped our company in many ways. From LCL shipments, to importing 20ft/40ft containers, and processing triangle shipments, Dedola made every shipment as seamless as possible. This allows us to focus our time and energy where it is needed most which is our client base. We look forward to building even a stronger relationship over the next few decades!
Handles the entire process
As a small business owner there are countless obstacles to overcome every day. Dedola works for me and handles the entire process so I can stay focused on growing my business.
Always takes care of us
Dedola has always provided above and beyond customer service for our company in many ways. When we needed a new 3PL warehouse they helped us with negotiating rates with a warehouse they recommended and made sure we were always taken care of. Dedola is a forwarder we as a company would highly recommend.
Excellent customer service
The Dedola team has been a great partner right from the beginning. They offered flexible terms, great rates and the customer service is excellent. They have been open to many of my suggestions on how to improve the overall customer experience.
Peace of Mind
Dedola has been incredibly supportive throughout the entire process. Their sales team spent an hour on the phone with me carefully answering my many questions and my Logistic Coordinator, Crystal, patiently walked me through the process of my first order every step of the way. I started shipping during the pandemic, and I was amazed at how smoothly everything went! I am incredibly grateful that I chose Dedola and I highly recommend them for all of your shipping needs!
A Pleasure to Work With!
We’ve been working with DGL for a year and a half. Their responsiveness, attentiveness, reliable delivery, and competitive pricing has made it a pleasure working with them. Unlike our last forwarder, we’re now in the loop with everything from status of deliveries to changes in pricing.
Why You Should Purchase Extra Cargo Insurance
Purchasing additional cargo insurance is the best way to protect your shipments as it can cover the full cost of the cargo regardless of carrier liability.
Although shipping companies are required by U.S. and international laws to carry a certain minimum amount of cargo insurance, it only covers a meager dollar amount, most freight has a much higher value than these rates below, without the proper insurance, you could lose a big part of the value of your cargo.
- Ocean carriers: even if you prove they are legally liable, their limit of liability is $500 USD per package or customary shipping unit, or the actual value of the goods, whichever is less.
- Air freight carriers: are only liable for 19 SDR per kilo (approx. $24 USD).
There is no requirement to buy cargo insurance. However, it is highly recommended so you can better protect your goods from exposure to risks – some that could be catastrophic. That’s why it is important to weigh the low cost of insurance with the potential losses and collateral damage that could occur without insurance.