Shipping insurance is a product offered by carriers to cover a specific invoice. It usually protects against damaged, stolen, or lost packages. You are paid based on the declared quality of the items you send if the products are damaged or not delivered at all. Carriers ensure you with a minimum cost and the amount of coverage you declare at the cost of what you operate. There are also some coverage and payment caps, as well as the requirement to be able to show losses in transit. So, always read the fine print. In this post, we discuss Details of Shipping Insurance and International shipping insurance.
Shipping insurance is the coverage explained above with particular reference to goods sent via a carrier. The carrier is responsible for any loss or damage to those products during transit, but there may be a third party involved in the sale of this insurance. If products are lost, stolen, or damaged during transportation, Insurance for shipping is a service that pays monies back to shippers. Logistics services such as DHL, FedEx, and UPS provide insurance up to the declared value of the parcel.
International shipping insurance:
International shipping insurance provides peace of mind in the event of loss or damage, and freight forwarders have a legal obligation to ensure the safe arrival of goods. There are several types of cargo insurance you can choose from and include:
- covering all goods from potential catastrophes
- covers possessions specifically named
- when an entire vessel and cargo is lost
- a one-time shipment cover only
- covers multiple shipments over a specific time
Bear in mind that not all parcels are covered by these service providers – there are certain restrictions when sending goods to countries such as Afghanistan and Iraq for example, and there are often limits on sending money and precious stones. Insurance will provide compensation for loss or damage, help you financially and give you peace of mind that your package will arrive safely. There are a few things to consider before you buy insurance. Especially in the case of international shipping where the risk of product damage or loss is much higher than domestic shipping.