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From the Desk of Well Freight
As global logistics continues to evolve, staying compliant and prepared is more critical than ever. This month, we bring key regulatory updates, risk management insights, and industry developments to help you move cargo smarter and safer. |
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CARGO INSURANCE FOR GOODS TRANSPORTED |
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INSURANCE AWARENESS
Cargo insurance protects your goods against transit risks like damage, theft, accidents, and natural events across sea, air, and land. |
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Cargo insurance is coverage that protects goods while are being transported—by sea, air, road, rail, or a mix of these from Supplier end / warehouse to Consignee end / warehouse. It works as safety net for the EXIM consignment.
What Cargo Insurance Cover Loss or damage to goods during transit Common risks: accidents, fire, theft, rough handling, weather, sinking, collision Can also cover loading/unloading risks and temporary storage (depending on the policy)
Type of Insurance Marine Cargo Insurance - For sea shipments (also often covers inland parts of the journey) Air Cargo Insurance - For goods transported by air Inland Transit Insurance - For road or rail transport within a country Multimodal Insurance - One policy covering multiple transport modes
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Few Cargo Damage Pictures for reference , Marine Insurance Policy will save the damages |
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Who usually Need this
Essential for exporters, importers, manufacturers, transporters for all types of goods, especially for high-value, fragile, or perishable items
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| How it works If damage occurs, the insured files a claim with documentation (like the commercial invoice) for financial reimbursement based on the insured value. Pre-intimation documentary work needs to be done Based on this , Insurance Company arrange joint survey to check the damage at location Then damage valuation and other formalities of Damage claim done In case of Oceanfreight shipment , if any damage occurs in middle of the SEA , Shipping Line usually declare GENERAL AVERAGE which is taken care by the Insurance Company (General Average is a long-established principle of Maritime Law which requires contribution from all whose goods were saved to the losses of those whose goods were damage at time of the incident)
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| | Policy Types Offers different levels of coverage, such as "All Risk" (broadest), basic, or restricted cover, tailored to specific needs and transport modes. Policy should be Marine Cargo Insurance Policy
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Few Cargo Damage Pictures for reference , Marine Insurance Policy will save the damages |
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| | Cost
Premiums are calculated based on the insured value (often 110% of the CIF value), route, type of goods, and chosen coverage, with potential extra charges for war or strike risks. |
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Few Cargo Damage Pictures for reference , Marine Insurance Policy will save the damages |
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Global Freight Alert: Rising Rates & Disruptions
Ongoing geopolitical tensions in the Middle East are impacting global freight routes, causing delays and increased costs across air and ocean logistics. |
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Best Regards
Well Freight Newsletter team For any further details, please feel free to reach out via email at sales@wellfreight.in
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