In all aspects of our lives, there is risk and insurances are put in place to help us better manage these risks. International Shipping Insurance is no exception, offering a degree of protection for your cargo as it travels to other countries. After all, anything could happen to your packages during transit, especially since you’re entrusting them to third-party handlers. Let’s take a more detailed look into International Shipping Insurance and everything you need to know.
To insure or not?
Although insurance is a sensible option with all risks, there are a number of factors that may dictate whether you choose to invest in International Shipping Insurance. These include:
- The declared value of a product.It makes sense to ensure high-value products, giving you the ability to reorder or manufacture without significant financial loss. However, with low-cost items, the insurance premium may outweigh the product cost.
- Included in carriers service.Many major carriers will offer a standard level of International Shipping Insurance to cover items under a certain value. If you are shipping a high-cost or rare item, additional insurance will be required to cover. Additionally, make sure to read through the small print to ensure the cover includes things like accidental damage.
- Higher risk of theft.Covetable items are more likely to be stolen – particularly those with recognisable brand names that are visible or evident from the packaging.
- End destination.Unfortunately, there are some countries where theft and damage are more likely to occur. If you are concerned in any way, investing in International Shipping Insurance will provide a level of protection against this.
What does International Shipping Insurance cover?
The scope of cover you receive will vary depending on the insurance company and policy chosen. Most terms of cover will include protection against loss, theft and damage while your cargo is in the ownership of a carrier. Again, we always recommend reading the fine print to determine exactly what sits under the scope of your chosen insurance.
Taking out insurance on your cargo as an international commercial shipper is vital and protects your business from serious financial loss and damage to your reputation. Here at Radius Warehouse and Logistic Services we take care of everything from insurance through to international logistics to improve your supply chain. Contact us or request a quote via our website today.