There are three main types of cargo insurance policies. These are open cover cargo policies, specific cargo policies and contingency insurance policy.
What is covered by cargo insurance?
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 are the 3 significant types of insurance that are involved in marine insurance?
Types of Marine Insurance
- Freight Insurance.
- Liability Insurance.
- Hull Insurance.
- Marine Cargo Insurance.
What does all risk cargo cover?
In the event of an unexpected incident, All-Risk Cargo Insurance covers loss from any external cause (depending on the individual policy), including physical loss or damage.