What type of insurance is cargo insurance?
Cargo insurance is a type of property coverage also called marine insurance. There are two main types of marine coverage: ocean marine, for shipments by sea, and inland marine insurance, for shipments by land. Some freight insurance coverage includes all modes of transportation.
What do cargo policies cover?
Cargo insurance protects you from financial loss due to damaged or lost cargo. It pays you the amount you’re insured for if a covered event happens to your freight. And these covered events are usually natural disasters, vehicle accidents, cargo abandonment, customs rejection, acts of war, and piracy.
What is specific cargo policy?
A document used to that coverage is provided to cover loss or damage to cargo while in transit when insurance is placed against an open marine cargo policy. Usually is called cargo insurance certificate or insurance certificate.