Cargo insurance is a type of insurance that covers the loss or damage of goods while they are in transit. It protects the interests of the shipper, as well as the carrier, and can be purchased to cover a single shipment or multiple shipments.
Freight insurance covers cargo that is being transported by water, air, or road. It is important to have this type of insurance to protect against potential losses that may occur during the transportation process. This can include damage or loss due to accidents, natural disasters, theft, or other unforeseen events.
There are regulations for certain types of cargo items during their shipment. These regulations vary depending on the mode of transportation and the type of goods being shipped. For example, hazardous materials may have stricter regulations due to the potential risks they pose to people and the environment. It is important to adhere to these regulations to ensure the safe and legal transportation of goods.
The risk of loss or damage to cargo typically lasts during the normal course of shipment, from the Time the goods are handed over to the carrier until they are delivered to the intended recipient. Once the goods are delivered, the risk of loss or damage typically terminates.
In conclusion, freight insurance is an important protection for shippers and carriers to have in place to protect against potential losses during the transportation process. It is important to adhere to any regulations that may apply to the cargo being shipped and to understand the terms and conditions of the insurance policy.