20 Things you didn't know about Cargo Insurance

1. Cargo insurance is a type of insurance that covers the loss or damage of goods during transportation.
2. It is typically required by international trade laws and regulations.
3. Cargo insurance can be purchased by the shipper, the carrier, or a third party.
4. The cost of cargo insurance is usually based on the value of the goods being shipped and the mode of transportation.
5. Some common types of cargo insurance include marine cargo insurance, air cargo insurance, and inland transit insurance.
6. Cargo insurance typically covers loss or damage caused by events such as fire, theft, and natural disasters.
7. Many cargo insurance policies have exclusions, such as war and nuclear risks.
8. In most cases, cargo insurance policies have a maximum payout limit.
9. The shipper is responsible for declaring the value of the goods being shipped and providing the carrier with a bill of lading.
10. Many insurance companies have special cargo insurance policies for high-value goods, such as fine art and jewelry.
11. Some cargo insurance policies also provide coverage for lost or delayed shipments.
12. Some cargo insurance policies include liability coverage for damages caused to third parties.
13. Some cargo insurance policies include coverage for refrigerated goods, including spoilage caused by a breakdown of the refrigeration system.
14. Carriers may require shippers to provide proof of cargo insurance before accepting the goods for shipment.
15. Some cargo insurance policies include coverage for political risks, such as seizure of goods by a foreign government.
16. Some cargo insurance policies include coverage for legal fees and other expenses incurred in recovering lost or damaged goods.
17. Many cargo insurance policies can be customized to meet the specific needs of the shipper or carrier.
18. Some cargo insurance policies include coverage for cyber-related risks, such as loss of data or hacker attacks on shipping systems.
19. Carriers may offer cargo insurance as an add-on service, or it may be purchased separately.
20. Some cargo insurance policies can be purchased on a "door-to-door" basis, which provides coverage from the time the goods leave the shipper's premises until they are delivered to the final destination.

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At Sufi Group, we are a leading provider of logistics, supply chain, consulting, and trading services in Malaysia. Our team of experienced professionals is dedicated to helping our clients navigate the complex and ever-changing world of international trade.

We understand the unique challenges that come with importing and exporting goods, and we are committed to providing our clients with the expertise and resources they need to succeed. Our logistics and supply chain services are designed to help our clients streamline their operations and improve their bottom line.

We also offer comprehensive logistics consulting and advisory services, which allow our clients to tap into our wealth of experience and knowledge. Whether you are looking to improve your supply chain efficiency, reduce costs, or expand into new markets, our team of experts can help you achieve your goals.

In addition to our logistics and consulting services, we also offer trading services to help our clients find the best possible deals on the goods they need. We have a proven track record of success in this area, and we are committed to helping our clients find the best possible prices and terms.

At Sufi Group, we pride ourselves on our ability to provide a one-stop-shop for all of our client's logistics and trade needs. Our goal is to help our clients grow their business and succeed in the global marketplace. If you are looking for a partner who can help you navigate the challenges of international trade, contact us today to learn more about how we can help you achieve your goals.