Insurance
Today we are diving into the wonderful world of commercial insurance, be sure to read thoroughly.
Securing adequate insurance coverage for international shipments can be a challenge, as the risk of loss or damage to goods increases in an international context due to various factors such as longer transit times, exposure to different weather conditions, and increased handling. In addition, different countries have different insurance requirements and regulations, making it difficult for companies to determine the best coverage for their needs.
It is important for companies to work with a reputable insurance broker who has experience in the international shipping industry. The broker can assist in determining the appropriate coverage, including the type and amount of insurance needed, and help navigate the complexities of international insurance regulations.
It is also important for companies to thoroughly understand their insurance policy and the coverage it provides, including the limits of liability and any exclusions. This will help ensure that they are protected in the event of loss or damage to their goods during international shipping.
Some examples of potential risks include:
Natural disasters: Earthquakes, hurricanes, and other natural disasters can cause damage to goods during transit.
Theft or hijacking: Goods may be stolen or hijacked during transit, especially in areas with high levels of crime.
Shipping and handling damage: Goods can be damaged during transit due to rough handling or poor packaging.
Customs delays: Delays at customs can result in goods being held for extended periods of time, increasing the risk of damage or theft.
Political unrest: Political unrest in certain countries can result in goods being held or seized, or shipments being delayed or cancelled.
Next Monday we will take a look at carrier selection, so please circle back to check out our next post.
If you have any questions that you would like us to address in this blog feel free to contact us
@ info@mblogisticsconsulting.com and we will be happy to answer them.
Till next time