Ship Happens: Insuring Your Cargo in a Dangerous World

Dylan from Innovate Insurance explains the crucial differences between cargo insurance and freight liability policies, highlighting the concerning statistic that 80% of globally shipped freight is either underinsured or not insured at all. • Specialist insurance brokers understand logistics risks better than general brokers or freight forwarders • Many cargo owners mistakenly believe shipping lines automatically provide comprehensive coverage • Three main types of cargo insurance: single trip, annual blanket cover, and open cover policies • Annual blanket coverage typically saves approximately ten times compared to multiple single trip policies • High-risk commodities like lithium batteries require additional questions and specialized coverage • General average costs are covered by cargo insurance but not by freight forwarder liability policies • Standard policies typically exclude war risks and delays, though additional coverage can be arranged • Real case: a £300 annual premium saved a mobility scooter manufacturer from a £40,000 loss • Policies can cover door-to-door transportation and even warehouse storage in some cases • Digital integration is improving insurance processes for both forwarders and cargo owners To learn more about proper cargo insurance for your business, reach out to Innovate Insurance through the link below, or contact Freightbox for your freight forwarding needs. 🔗 Dylan Hart Cert CII 📞 Direct: 01527 864092📞 Office: 0121 448 6914 📧 [email protected] 🌐 www.innovateinsurance.co.uk 🔗 #InnovateInsurance | #Coversure | @innovateinsurance 🔗 Freight Box Ltd📞 Office: 0121 516 1903 📧 [email protected] 🌐 www.freightbox.co.uk🔗 #FreightBoxLtd | #FreightForwarding | @freightboxltd