Cargo Insurance

In this day and age, some might be wondering why incur additional expenses by purchasing cargo insurance. All it does is to eat into profits. However, in times of uncertainty, when unexpected events are on rise, you do not want to sustain losses due to damaged or lost goods. As such, these are some compelling reasons to purchase cargo insurance:

IN GENERAL

It is an international practice that losses due to accidents will be split equally among all parties. Hence, there may be times whereby you are required to pay a bond/ deposit for the release of your cargo, even if there are no losses or damages to your goods. In these events, the insurance company can assume responsibility and help to speed up the process to ensure the timely arrival of your cargo

REDUCED EXPOSURE TO FINANCIAL RISKS

Cargo insurance can help by mitigating losses by ensuring that value of the merchandises being shipped are covered. This could reduce the burden for business owners during times of unfortunate events and ensure their businesses survival.

REQUIREMENT BY CONTRACT

Depending on the terms defined in the contract, the exporter or importer may be held responsible for purchasing cargo insurance before the goods are sent over.

COVERAGE FOR LIMITED CARRIER LIABILITY

By law, most carriers are not held accountable for losses due to certain acts, such as Acts of God or terrorism. And in instances that they are, carriers often have limited liability. Hence, the financial losses are mainly shouldered by the exporter or importer, depending on the terms stated in the contract. As such, it is crucial to have cargo insurance to cover you when unfortunate events occur to provide a financial peace of mind.

BUYING CARGO INSURANCE FROM

PRIVATE INSURANCE COMPANIES

Rates may be higher for new or small business with little to no track records of shipping as insurance companies may view your company as a riskier business. However, private companies can often provide specialized insurance plans if you are shipping over any odd or unique cargo.

FREIGHT FORWARDERS

Application of cargo insurance with freight forwarder is relatively straight forward because they may provide the administrative processes, to ensure that you get the kind of coverage you require, as long as you hire them for their freight services.

EXPERIENCED WELL-VERSED

Being situated in Ho Chi Minh City, we have worked with an international clientele and are certain that we can provide you with world-class expertise to negotiate the best terms for your cargo insurances, hence, ensuring that you and your cargo are insured from head to toe.

STRAIGHTFORWARD APPLICATION SERVICE

Here at Lam Phu Gia Ltd, we pride ourselves in being a one-stop freight solution centre. We have assembled an elite team of professionals who are able to expedite all of your logistical and administrative needs such as the application of cargo insurance to ensure that you obtain the most cost-effective plan to cover all your goods.