The twists and turns of the supply chain leave goods more susceptible to theft, damage or loss while in transport from the seller to the buyer. While transport companies invest in commercial insurance, some policies cannot comprehensively address concerns related to the cargo itself. If you are looking to get a cargo insurance quote, there are a few things to keep in mind.
A good estimate on the cost to insure your cargo is about $2 per pound transported. This can be a problem when the insurance company put limits on compensation that aren’t close to the cash value of the goods. When you check with your broker on policy limits, make sure the coverage limits are comparable to your premium costs.
Exclusions and Limitations
With any insurance policy, there are always exclusions and limitations of coverage. With transport insurance, some of the common exclusions include loss, theft or damage that has occurred because a load was unattended or abandoned. If a driver leaves his load at a stop or at home while under transport contract, the items would not be covered in the event of an incident.
Before you request a cargo insurance quote, be sure you can provide information about what load you are carrying, the distance and the cost of the item. A transport broker will be able to assist with your coverage needs.