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Air Insurance

The insurance for cargo is necessary for a few reasons. This is the financial protection in case of damage or loss of your cargo that can help you receive your costs spent on the shipping back. The cargo is protected from the time it leaves the origin point during the whole way to the destination. Insurance is especially required for cargo shipped by air. This is because the air freight is considered to be the most expensive delivery, so all the additional security options should be available.

Why Insurance is Compulsory?

There are some significant reasons for ordering the air insurance. It actually automatically covers the hundred percent of invoice value. The customer can also receive the additional 20%. The refund is not a subject to withholding. The policy can defend the transported cargo from all risks, that means, from a physical damage or loss from any external occasion. International treaties usually decline any claims for lost or damaged goods if they aren’t insured.

If you order the insurance you can be calm. The coverage starts right from the time the goods leave the supplier and are on the way to the final point. After the cargo arrives and unloaded, the insurance is still available for 15 days. If the damage is disclosed, it has to be reported within three days except holidays and weekend.

The goods to insure are such as all commercial products, either moving inbound or internationally. Some interline shipments that provide the freight moves under some special air waybills are also the subject to insurance. The household goods with special documentation and perishable products can also be insured. Actually there are some goods which are not insured by some shippers.

What Cargo is Insured and How?

For instance some companies refuse to insure live animals, antiques, currency, precious metals and bullion. Furs, boats, vehicles, fine artworks, jewelry and watches are sometimes also not insured. That is because some of the enumerated items can't be assessed adequately in some cases, sometimes they are quite priceless and too expansive for the company to refund. The prior approval is sometimes required for some goods which are valued over $50,000.

It is not as easy to insure your cargo shipped by air. You have to decide the total value of goods delivered, the transportation origin and destination, the mode of shipping and many other things. When all these things are made, you have to know how to insure the definite shipment. If for instance you select not to pay for the insurance, the cargo is transported with the automatic coverage under legal liability standard to the shipping industry.

However, if you prefer to insure cargo yourself, apply for insurance for the value of products replacement that is called the commercial invoice value. This is the insurance for the partial or total loss or damage. The CIF value of shipment is the insurance for not only the partial or complete damage or loss but for replacement the cost of cargo shipping by air.