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What You Need to Know About All-Risk Cargo Insurance

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If this turbulent year has taught us anything, it’s to expect the unexpected. Amongst all the stress of rapidly changing demands, overloaded freight, and unprecedented backups, we here at TOC Logistics International, Inc. are eager to help guide you down the best path to keeping your cargo as safe as possible.

As informed leaders in the industry, we can undisputedly agree that the best way to protect your shipment from unexpected loss is to ensure it is fully covered by All-Risk Cargo Insurance.

What is All-Risk Cargo Insurance?
In the event of an unexpected incident, All-Risk Cargo Insurance covers loss from any external cause (depending on the individual policy), including physical loss or damage. It is hands-down the most comprehensive way to protect your goods and avoid the costly pursuit of carrier-liability claims or personally-owned insurance options, and that’s not even taking into consideration the replacement of lost shipments.

Do I really need All-Risk coverage?
When considering what insurance to use, you should bear in mind that lost or damaged cargo without proper coverage is likely to result in larger costs than the protection you could have purchased from the start.

Contrary to popular belief, shipping companies are not always held fully responsible for unforeseen losses, which leaves you to pay the bill on lost or damaged goods. It is also wise to note that treaty restrictions, which vary depending on whether they’re international or national, can sometimes reduce carrier liability in the event of loss. These particular liabilities should be outlined in each carrier’s individual insurance contract, so make sure to check for them.

It is also possible that your personal coverage may not be as all-encompassing, have high-deductibles that must be met or include certain exclusions and conditions that won’t provide sufficient coverage on their own.

Before any occurrence of loss or damage, consider the effort it takes to pursue a limited-coverage claim. You will need to provide documentation to prove carrier liability, replace lost goods and recoup customer trust due to associated delay, not to mention the irreplaceable time spent resolving it all. In the end, investing in All-Risk Cargo Coverage can often help you avoid further losses and give you a leg up in the long run.

Need more info?
If you’re still uncertain about exactly what insurance you need to keep your goods covered, we’ve got you taken care of. Simply contact your TOC representative today to learn more about the All-Risk Insurance options available for your freight.

08 Apr, 21

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