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Cargo Insurance

Cargo Insurance Let's face it, the more cargo you handle, the more likely you are to suffer damage, destruction or loss that can cost you a lot of money. Ships sink every day. Natural and manmade disasters are occurring with frightening regularity. Bad weather is a fact of life. And, unfortunately, there are dishonest people in the world. There is nothing you can do to prevent all these causes of loss, but you can take action to ensure that neither you nor your clients have to suffer substantial financial losses when things do go wrong.

Cargo insurance provides coverage for physical loss or damage to cargo while in transit, either internationally or domestically.

"But isn't the carrier responsible for any losses while they're in possession of my cargo?"

This common misconception can lead to huge financial losses for shippers. The fact is that the liability of most carriers is severely limited by law and/or tariff restrictions. Generally, an ocean carrier is only responsible for up to $500 per package. An international air carrier has a minimal per pound (or kilo) limit under whichever convention is adopted by the destination country. This is approximately $10.50 per pound (or $23.50 per kilo) under the Montreal Protocol 4, and only $9.07 per pound (or $20 per kilo) under the Warsaw Convention. Domestic air carriers are only liable for $.50 per pound for any shipment.

Having the right insurance in place not only protects you and your client's from devastating losses, but it can also serve as a substantial source of revenue for the savvy freight forwarder and/or custom broker.

Having the right Open Cargo Policy in place can:

  • Increase your profit on every transaction
  • Protect your customer from cargo-related financial loss
  • Enable you to provide compete service to your client
  • Enhance your image as a knowledgeable professional
At Global Insurance Network we specialize in working with freight forwarders, customs brokers and other transportation logistics experts to provide just the right cargo coverage, easily and affordably, so you may fully serve your clients' needs while remaining truly competitive. We have both Open Cargo and single shipment types of policies available with premiums based on type and value of commodity shipped and destinations, for total flexibility.

Ocean, air, rail or truck, however your or your clients' goods are transported; we can provide the right policy with the proper endorsements. Within pre-approved cargo lists and clearly identified destination and origin exclusions, our open cargo policies give the logistics provider the ability to ensure their client's cargo without lengthy application forms or going through a cumbersome approval process. In addition, many of our insurers are using state-of-the-art computerized systems for easy electronic filing of certificates and claims, freeing up your staff to spend more time servicing your clients.

Knowing that there are always exceptions to the rule, especially in the world of international trade, we also have a wide variety of special risk programs available to serve nearly all of your and your clients' needs. Just call Global Insurance Network, Inc. whatever your insurance needs. With our knowledgeable staff and our full Network of resources, Global offers a whole world of insurance solutions.

Cargo Legal Liability and E&O
For Forwarders and Brokers

Cargo Legal Liability and E and O For Forwarders and Brokers We know that not everyone is smart enough to buy cargo insurance when they need it. So who do those people turn to when their cargo is lost or damaged? The shipping company, the airlines, the trucking company and/or you - the freight forwarder or customs broker - are all liable to the shipper for a specific amount of money per pound. That's where Cargo Legal Liability Insurance comes into play. Designed to protect the freight forwarder, custom house broker, N.V.O.C.C. and warehouseman, it will provide reimbursement for the amount you have to pay, PLUS it will provide costs to defend you in court if you are sued as a result of the cargo loss/damage.

We also know, as one of Global's clients, that you run your business carefully. But we're all human, and as such we all make mistakes; and some mistakes are much costlier than others. What happens if your shipping clerk sends the shipment of bikinis to a store in Miami, Ohio instead of Miami, Florida at the beginning of the tourist season, causing your client to lose his South Florida market to a competitor? Are you going to reimburse him for his lost market? Is he likely to sue you for his lost revenues? Do you have enough reserves to cover these losses and stay in business? The most likely answers to these questions are: "yes," "yes," and "no."

Errors & Omissions Insurance was created to cover this type of situation. As a Freight Forwarder, Customs Broker, NVOCC or warehouseman you know that you become responsible to reimburse your customer for losses while his goods are in your care, custody and control. Both the law and the terms of your bill of lading state this clearly. And you take that responsibility to heart. But you can't be everywhere at once, and the people you rely on are all too human at times. E&O insurance covers consequential or financial loss suffered by shippers as the result of a mistaken action or a failure to take a proper action. Doesn't it make sense to protect your business from a costly lawsuit caused by one of your employee's mistakes? Let the professionals at Global Insurance Network help you protect your livelihood from the errors of others.

Have A Claim?

No one likes claims, but click on the link below for instructions, sample forms and letters to help make your claims filing process easier.

What to do in case of a claim

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Global Insurance Network, 1400 N.W. 107 Avenue, Suite 301, Miami, Florida 33172
Phone: (305) 599-0900     Fax: (305) 599-1114

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