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    11 Benefits of Cargo Insurance for Your Business
    Updated On: 19 Oct 2020 | 615 Views

    11 Benefits of Cargo Insurance for Your Business

    11 Benefits of Cargo Insurance for Your Business

    What concerns my shipments with insurance? Why will I insure something because I want to ship it? Probably, you guys are not safe then. If this is your thought, this blog is for you. You are at a huge risk when you carelessly ship your items without insuring them. This you must know. Shipping insurance is a service which may reimburse senders whose parcels are lost, stolen, and/or damaged in transit

    Of course, there are misconceptions about every industry but believing me, insurance is not a joke. If one critically understands the essence of insurance, there will be no special effort to lure them into insurance.

    Importer and exporter are a higher risk-taker, and they are expected to be very smart with every activity so as to avoid uncontrollable unforeseen disasters. In this industry, there are cases of ships capsizing and air flights crash.

    Insurance is just a perfect shield and refuge to cover all lost in case of any unpalatable scenario. It is a means of indemnity against a future occurrence of an uncertain event. For shipping insurance, it covers transits carried out in the water, air, road, rail, registered post parcel, and courier.
     
    Cargo insurance explicitly provides extensive protection against damage or loss due to external factors including damages due to inappropriate packing, infestation, cargo abandonment, customs rejection, etc. Cargo insurance also covers a significant loss that might be caused by collision, sinking, derailment, theft, fire, earthquake among others.

    Whether importing or exporting, using air freight or ocean freight for your international shipping, cargo insurance covers loss and/or damage of cargo while it is in transit between the points of origin and final destination.
    Note: Valuehandlers International your capable and responsive freight forwarder provides marine insurance shipping of your goods or cargo while it is in transit to the point of delivery.


    However, many try to save a little money upfront by not insuring their cargo, but here are just some of the many reasons why insuring your cargo is important.

    1.    Minimize vulnerability to financial loss.

    If you’re an exporter who has not been paid for the goods at the time of shipment, or an importer who has paid for all or part of the goods prior to receiving them, you run the risk of suffering a financial loss if the goods are lost or damaged during transit. Imagine that kind of situation, God forbid bad things. We are not negative minded but it is always wise to take the necessary measure to avoid painful sacrifices. Insuring your shipments will naturally ensure peace of mind with little or zero worries of unplanned circumstances.

    2. Contractual Requirement
    Because of the vast advantages of insurance, it has become many merchants’ priority in the cause of business transactions and included it in their terms of trade. Sometimes, your sales contract may compel you to provide ocean cargo insurance to protect the buyer’s interest or their bank’s interest. This is especially true when selling goods. Failure to do so cannot only subject you to financial loss if there is loss or damage to the goods, but non-compliance with the terms of your contract with the buyer can lead to loss of sales and legal problems.

    3. Coverage for carrier liability
    This implies to the navigators, the transporters. The carriers, by law, are not responsible for many common causes of loss that occur in transit. And, even if they are liable, carriers’ liability in the event of a loss is limited – either by contract in the bill of lading (BoI) or by law. In most cases, you will only recover a minimum of the total amount from the carrier but if the goods are insured you will not be begging at the mercy of the courier or fighting a lost battle with them. This simply means that every cargo, items, parcels or packages on transit without insurance are at the owner risks
     
    4. Have a major stake on insuring terms
    Relying on the buyer’s or seller’s insurance may be a viable option, but you must be satisfied that the insurance has been purchased and that the insuring terms, valuation, and limits provided by each insurer on each shipment are adequate to meet your needs. Do not be slothful in the process of insuring your package, you must be adequately involved to supervise and cross-check the details of the insurance. Ensure it is satisfying and has answers to all relevant questions.

    There are still more benefits, other benefits include:
    5. Protection of your cash flow
    6. Peace of mind that every shipment you have is insured
    7. You are insured for the full value, including any profits if necessary
    8. Coverage is placed on the right conditions, with terms that you have negotiated
    9. Your interest is insured while you are financially at risk
    10. Local and professional claims service means prompt and efficient claims handling
    11. Minimal paperwork and simplified reporting, etc.

    For advice, visit www.valuehandlers.com, send a request to info@valuehandlers.com or call 08032241768 now!
    You can Get Quote now for your shipping with free warehousing and marine insurance benefits.


    About the Blogger: Valuehandlers is a professional Freight forwarder specializes in Air & Sea shipping, Customs clearing and cargo delivery from and to Nigeria for Packages, Item, Equipment, Machines, Raw materials, Dangerous goods, Personal effects, trucks, and Cars, etc. from more than eighty (80) countries.




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