Comprehensive transport industry insurance to cover all needs.
with Euro Van International
Cargo Insurance
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).
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.
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.
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.
with Euro Van International
Cargo Insurance