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Cargo Insurance

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EVI offers cargo Insurance coverage for wide range of commodities/goods shipped from all around the world, Cargo Insurance policy covers goods, freight and other interests against loss or damage to goods whilst being transported by air, sea, and road up to 20 million dollars,

EVI Cargo Insurance .

Shipping Terminology Cargo Insurance

If you plan to ship goods outside the U.S., you should understand some terminology that is unique to the shipping industry. The word ‘shipper’ means the party who initiates the shipment of goods. The shipper is usually (but not always) the seller. The ‘consignee’ is the recipient of the goods. The consignee is generally (but not necessarily) the buyer.

The transporter of the goods is called the carrier. The carrier may be a shipowner, a railroad, a trucking company, or an airline. A ‘bill of lading’ is a contract between the shipper and the carrier. It serves as a receipt of the goods by the carrier. The bill of lading describes the items to be shipped and provides evidence of title (ownership of the goods).

Terms of Sale

If you buy or sell goods that must be shipped to or from a foreign country, the sales contract should specify whether you or the other party is responsible for insuring the goods while they’re in transit. It should also specify the point at which ownership will transfer from the buyer to the seller.

Whether you are the buyer or seller, there are advantages to obtaining your own cargo insurance. One is the freedom to choose the type of cargo insurance that suits your needs and your pocketbook. If you buy your own cargo coverage, you won’t have to rely on (or pay for) insurance selected by someone else. Another advantage is that you can file claims with your own insurer. If a loss occurs, you won’t have to deal with an insurer you don’t know and that is located in another country.

Types of Cargo Policies

There are two basic types of cargo policies. A voyage policy is designed for businesses that ship goods infrequently. It covers goods shipped on a single voyage. An open policy covers all goods shipped on all voyages occurring during the policy term. You should buy an open policy if you plan to ship goods multiple times a year.

Key Provisions Cargo Insurance

Cargo policies can be confusing as they contain terms that are unfamiliar to many small business owners. Here are some provisions you are likely to find in a policy.

  • Goods Insured. Describes covered property. Typically covers “lawful goods and/or merchandise of every description but consisting principally of” (followed by an explanation). The description should be broad enough to cover any goods you may ship.
  • Assured Parties. These are the parties covered by the policy. Your business should be listed as the “assured.”
  • Covered Conveyances. These Cargo Insurance are the covered methods of transport. Examples are ships, barges, trucks, trailers, and rail cars.
  • Covered Perils. All-risk policies cover losses caused by any perils that aren’t specifically excluded. Named perils policies cover losses caused by the perils listed. Covered named perils typically include fire, assailing thieves, jettisons, barratry, and “perils of the sea.” Barratry means criminal acts committed by the ship’s captain or crew that injure the shipowner. Perils of the sea are events that commonly occur on the water such as storms, winds, waves, sinking, capsizing, and collision with other objects.
  • Exclusions Cargo Insurance. All-risk and named perils policies normally exclude losses caused by war, improper packing, abandonment of the cargo, rejection by customs, delay, and inherent vice (a hidden defect that causes property to destroy itself). This is not a complete list.
  • Sum Insured. This is the Cargo Insurance amount of insurance purchased on the property. It typically consists of the property’s invoice price, freight charges, and a percentage (often 10 to 20 percent) for profit.

Comprehensive transport industry insurance to cover all needs.

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