The transportation of goods is an essential part of a company’s logistics in promoting its products. It is important to have insurance covering the merchandise being transported by motor freight, air, ship, or rail.
There are three types of contracts:
- Policy per Trip
- Annual Policy with monthly reporting
- Annual Policy by sales forecast with adjustment at end of term
- Ordinary Transit Risk
- Total or Partial Theft.
- Looting, pilfering, and theft, resulting from an ordinary transit risk.
- Moisture and Rust.
- Contact with other cargo.
- Contamination or Staining resulting from a covered risk.
- Tearing and Splitting.
- Denting, bending and chipping resulting from an ordinary transit risk.
- Warehouse to Warehouse.
- Storage time in Customs and Bonded Warehouses for 30 days, covering only Fire, Lightning, and Explosion.
- Barratry of Captain and Crew.