Cargo insurance services

Cargo insurance is a mechanism for financial protection of cargo from loss, theft and damage during transportation by any vehicle. In case of an insured event, a policyholder is paid insurance compensation for any incurred losses. Anyone interested in cargo safety during transportation can get it insured, whether it is a consignor, a consignee, a carrier or a forwarder. In order to get cargo insured, it is necessary to make an agreement with an insurance company. Insurance applies only to those types of transportation that are specified in the insurance contract. Next, it is required to provide an insurance company with the information about the nature of the cargo, its HS code, invoice value, route, type of carrying transport and to indicate the risks against which the cargo must be insured. An insurance company further evaluates all risks of this transportation and the route, and then reports the cost of the insurance. An insurance cost is influenced by the number of risks, from which the insurance policy provides protection, and also by the transportation route itself. All countries and territories have insurance rates that are added together to calculate the total cost of an insurance. There are some high-risk countries, transit through which increases the cost of an insurance.