To make your trucking journey authorized, secure, and safer, it is important to have your cargo insurance covered by an authentic insurer. Progressive cargo insurance is a way of legally ensuring your trucking experience with all the policies covered through a contract done between a policyholder and insurer.
For every individual who is in the business of import and export, irrespective of the transporting option, such as trucks, ships, trains, airplanes, and numerous others. Each business person who deals with transporting goods from one place to the other needs to have progressive cargo insurance.
Progressive cargo insurance has policies for each type of collateral damage that covers damages and other losses which will protect your cargo and transportation. Having safety at the backhand will lead your trucking insurance to a journey that is insured and protected.
What is Cargo Insurance?
Progressive cargo insurance policies originated for the safety of truckers and trucking business person. The shipper’s interest policy is also known as “all-risk” coverage. At the time of delivery, due to any misfortune, there are chances of anything happening. And to secure those losses and damages, cargo insurance is a must.
Any package of goods costs a lot of money, and at the time of shipment, covering the damage is important for every prospect. To help your cargo journey be a little less painful, cargo insurance needs to be done right before making any tour. And also to reimburse the losses in case of stolen and/or damaged transportation.
What Does A Cargo Policy Cover?
Cargo policies are taken to secure the shipments from any type of damages to recover the money invested in the consignments during transportation. As multiple factors are covered in the progressive cargo insurance policy, such as import and export transits, cargo deliveries, shipments, and air transports.
The cargo insurance cover insurance plans such as;
- Explosion or Fire
- Collision
- Earthquake
- Lightning
- Spillover
- Accident
And every other possible damage that could happen at the time of delivering goods.
Types of Cargo Insurance
As it is important to have cargo insurance, it is important to know too, what type of cargo insurance suits your region. Your cargo insurance varies on the type of how you wish for, such as import, export, or transit.
Following are the various cargo insurance policies:
- Open Policy: The first in the line of types of cargo insurance is open policy. This cargo insurance policy is issued and is valid for a year. The open policy cargo insurance covers all the goods that are transit and transport, but due to some damage are declared as a subject that demands a sum of the insured limit. It is issued legally, although, for some shipments, not every policy is issued.
- Annual Policy: The next in the line of cargo insurance policies is the annual policy. This progressive cargo insurance policy offers coverage for goods that are transit by road, ship, and train. This type of policy is not issued to every transportation, transport operator, commission agent, or joint name. Also, annual policies can’t be transferred and/or assigned.
- Open Cover: The open cover cargo insurance policy is for the goods that are imported and exported. This policy is also issued for 12 months. Under this type of cargo, most of the challenges of damage are covered in it. The open cover progressive cargo insurance policy is legal, although it is based on an unstamped agreement.
Benefits of Cargo Insurance Policy:
- The cargo insurance policy plans are freely assignable
- The existence of insurance interest exists only at the time of loss or damage
- The cargo insurance policies are based on agreed values
- The cargo insurance policies are in transit and available for almost every type of cargo shipment.
Conclusion: For a safer journey to reach your destination of the shipment, you need to have all the safety measures secured. One such safety measure is cargo insurance that needs to be done by the policyholder, trucker, or trucking business person to run the cargo business. For any kind of damage or misfortune, while delivering goods or a consignment, TieInsure provides the insurance policies to cover all the major deals.
