Working in the import/export business is exciting, and economic figures indicate that the sector is poised to continue growing over time. With unique risks present in moving items via land, sea and air over different territories, it’s good to have a financial plan B, and a contingent cargo policy can be exactly that. The following are a few risks that this type of policy can protect against:
- Natural disasters
- Rough handling
Some logistics service providers rely on their transportation contractors to reimburse them in case of loss, but that isn’t always the wisest course. While some may save money by not carrying their own contingent policy, the fun is all over when something happens en route and the transport company doesn’t pay up.
Having a contingent cargo policy in place can be customized to include:
- Domestic cargo coverage
- On-deck coverage
- Warehouse to warehouse coverage
- High value cargo
- Project cargo
- International cargo coverageNo matter how strong the vessel and how well-trained the staff, the open waters continue to present dangers. Not being able to deliver goods is one thing, but absorbing the cost yourself is quite another. So, protect your business interests with contingent cargo coverage. You’ll have the peace of mind knowing that, even in the case of loss, the value of your goods will be reimbursed.