Maritime transportation companies take on big risks when they carry client goods across the water. Whether it is a relatively short trip to a nearby neighbor or a transcontinental shipment on a major container ship, the cargo you carry is your responsibility. Marine cargo insurance protects you from financial losses if your clients’ goods are damaged, but only if you’re carrying the right amount.
Calculating Your Coverage Needs
Look at the most expensive shipments your company carries across the water, then at the current policy limits on your cargo insurance. How many times could you afford to lose a full shipment in a policy period? The lower your answer the more likely it is that you should look into a more robust cargo coverage program.
If you are not sure whether your calculations indicate a strong need for additional insurance, it’s time to talk to a professional about your options.
Finding a Quote on Cargo Coverage
Marine cargo insurance is its own animal, and the right coverage provider should be focused on marine transport businesses, not just cargo and logistics more generally. Beyond that, look for programs with longstanding experience and resources that help you better understand your risks and coverage options. Generally speaking, the more an insurance provider does to educate you about reducing risks, the more knowledgeable they are about your needs.