Cargo Insurance is one of the most valuable components of goods supply chain, which protects nearly 100% of the Client’s property interests.
Most of the Customers are confident that the value of items is compensated no matter what happened to the goods at the stage of their transportation. However, this is not always the case.
Here is what you need to know in order not to put yourself in an uncomfortable situation.
Firstly, international carriage is governed by many international laws and regulations, which limit the liability of the carrier for transported cargo, depending on various factors.
Secondly, an object of insurance is not the cargo itself, but the responsibility of the respective Executor. One should prove the occurrence of such liability to be compensated for cargo damage, which is an extremely challenging thing to do. The Client must have a sufficiently large staff of employees, including lawyers, quality professionals who are able to investigate the circumstances of the damage to the cargo, and then make a claim to Executors responsible for the damage occurred. Afterwards, the Client is to participate in a debate with the Defendant, which is likely to be held in the arbitration court.
Therefore, the Customers should not just to rely on the possible reimbursement of damages from the participants of transportation, but to insure their goods in a special company. In the following case, the object of insurance will be the property interests of the Customer.
