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A Guide to Ocean and Marine Cargo Insurance Companies
While most people do not realize it, much of the importing and exporting done across oceans is done by boat instead of plane. This is because shipping cargo across the sea is simply less expensive than shipping it by air. Shipping cargo by sea has some unique risks, however, which is why cargo insurance is so important as is choosing the right cargo insurance company for your needs. You should not simply look at the cost of the insurance, but the extent of the coverage as well. Many cargo insurance companies offer plans for all types of cargo shipped by any means. This can be great for larger companies that ship a wide variety of cargo over land, air, and sea, but can have needless costs for smaller companies that only ship specific items using specific means. Do you need to insure your cargo up to a million dollars, or is it only worth a few thousand? Paying for insurance that covers any dollar amount can be a waste of your money. Different destinations also have different risks. Some cargo insurance companies will insure your cargo to any destination, but if you only ship from New York to England then this is not something you need. Insurance that covers shipping to any destination will cost more because shipping to Malta may have different risks than shipping to Italy, even though they are close. Another consideration is whether you will be shipping domestically only, or internationally as well. Shipping from one Eastern United States port to another is less risky than shipping across the Atlantic, so your rates should reflect that. Cargo insurance can be far less expensive than using the carrier’s insurance. In fact, you can save up to ninety percent by using primary cargo insurance rather than the carrier insurance. Many cargo insurance plans are secondary plans, which means they only cover you if the carrier rejects your claim. You may decide it is a good idea to find an insurance company that offers primary coverage. This offers you full protecting in excess of what the carrier offers on a claim. When deciding on a cargo insurance company you should inquire about their claims policies and response times. When a business loses a shipment it can be a major hit to their profit and productivity. You need to get your money back quickly so you can continue with business as usual. Filing a claim and getting your return can represent a fair amount of time and work, but luckily the United States Carriage of Goods by Sea Act in nineteen thirty six and the Hague Rules that came before it make filing a claim pretty standardized in most countries. Getting familiar with the United States Carriage of Goods by Sea Act will give you an understanding of how to file a claim in the vast majority of situations and countries. 
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