Trucking industry in the past few years has achieved growth and improvement thanks to the implementation of the new technology, straight proportionally to that the requirements and requests from the loyal customers have increased. Since the trucking industry has achieved stability by balancing some things, subsequently the improvement of some services took place.
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Therefore as the trucking companies are growing and improving by transporting more and more loads every single day, in the same direction the requests for cargo insurances have increased as well. Likewise the people and companies that are using cargo insurance frequently are looking for a way how to reduce their cargo insurance price.
In spite of that I have decided to write this article in order to help the people that are looking for ways and means how to reduce cargo insurance price. There are a lot of tips and tricks how to reduce the cargo insurance price, but among all I find the following 7 tips as one of the most important since these things play crucial role.
There are many different cargo insurance types and that means that there are many different types of cargo insurance policies, therefore you must be very careful when choosing the insurance for your cargo. Keep in mind that you will always have to do a detail research about the company that you are planning to take the insurance from. So if you find out that it is the perfect company for you and is offering the cargo insurance that you need – be aware of the contract that this company is going to provide you with.
What Is Cargo Insurance
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Essential and practical at the same time- Cargo Insurance is one of the best ways to protect your loads nowadays. With Cargo Insurance your loads will be secured from the pickup point up to the final destination. Cargo Insurance will bring you peace of mind since your loads will be secured from any kind of damage.
Cargo Insurance is essential because it secures even the most complex products that are being transported by the trucking company. This insurance will cover any loss or damage that has been caused to the loads. Therefore, your loads will be secured by any kind of external causes during the transportation. Also the Cargo Insurance includes coverage of damages caused by:
- Fire;
- Striking of a load;
- Collision;
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Moreover, point often overlooked is that the cargo insurance is not limited only to the import and export trucking companies. Likewise the cargo insurance is available for the loads that are being transported by the following body type trucks:
- Dump Trucks;
- Tractors;
- Most Of The Trailers;
- Box Trucks;
- Cargo Vans;
- Dual Pickups;
- Flatbed Trucks;
- Car Haulers;
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Correspondingly if you are using motor truck cargo insurance, most of the time it does not cover the following cargo types or it might cover it by other price charts:
- Live Animals;
- Shipping Containers;
- Explosive and Radioactive Material;
- Storage Longer Than 72 Hours;
- Pharmaceuticals;
- Tobacco;
- Alcohol;
- Art and jewelry;
Henceforth there are few main industries that are regularly using cargo insurance and are relying heavily on it, since they are shipping almost every product, these industries involve:
- Agriculture;
- Retailers;
- Mining Industry;
- Farms;
- Wholesalers;
In conjunction with the freight insurance policy, it will provide you coverage for the whole value that you have secured. That is why when choosing to insure your cargo it is really important for you to pay attention to the policy, as well as to the type of cargo insurances available in order to achieve the ultimate security possible.
Types Of Cargo Insurance
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Cargo Insurance is essential when it comes to the security of loads, it can cover every kind of damage starting from damages caused from improper packing up to losses caused by temperature or pressure. Therefore the insurance companies have developed different kind of policies so that the customers have wider choice.
So when it comes to the customers’ choice they mostly make the final decision dependently from the :
- Type of loads;
- Quantity of loads;
- Length of the transportation;
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With this in mind cargo insurance is a “must” since it can cover any kind of loss or damage that might happen to the loads that you have given to the transportation trucking company. Provided that there are few types of cargo insurance, these types of insurance comprise the following policies:
- All-Risk Coverage Policy;
All-Risk Coverage Policy is that kind of insurance policy that is covering any kind of risk. Therefore if you choose this policy you could stay calm while your shipment is in transit because it covers any physical loss or damage. As one of the broadest coverage Policies – All -Risk Coverage includes:
- -Coverage for damage made from improper packing;
- -Coverage in case of failure to pay the accounts;
- -Coverage for losses that were caused due to delay or loss while in transit;
- -Coverage for barge shipments;
- -Coverage for excess of policy limits;
- Free of Particular Average-Coverage-Policy;
Free of Particular Average Coverage Policy is that kind of Policy that is offering to its users limited coverage that can cover partial and total losses. Moreover this policy includes coverage of:
- -Loss resulting from direct result of burning, fire, collision or stranding;
- -Loss resulting from explosion;
- -Loss resulting from collision with any kind of external object;
- With Average Coverage Policy;
With Average Coverage Policy is thereupon covering the damages from heavy weather, non-delivery, and theft. Moreover this Policy covers as well damages made from:
- -Collision;
- -Burning;
- -Explosion;
- -Breakage;
- -Theft of the loads;
- -Heavy weather conditions;
- -Stranding;
- Warehouse To Warehouse Protection;
Warehouse to Warehouse Protection includes load coverage for the goods starting from point A -pickup up to the point B-delivery. In the meanwhile some insurances might not be valid until the loads are being places on the conveyance.
- Open or Annual Cover Policy;
Open or Annual Cover is the Policy which is mostly used when it comes to cargo insurance. An interesting fact about this policy is that there are two options for its users:
- Open or Annual Cover Policy might require renewal of the policy if the insured amount of loads has been exhausted, as well as
- It can be issued for an agreed period of time;
With this type of cargo insurance policy usually your loads will be covered for 12 months.
