DID YOU KNOW THAT A BILL OF LADING DOES NOT PROVIDE ANY “INSURANCE” TO YOU?
What it does do is state the terms and conditions of carriage and the extent of responsibility in the case of loss or damage. There are multiple factors involved in determining that responsibility, including the means of transportation.
By law, Carriers and Freight Forwarders have the right to limit their liability should a cargo they are legally liable for sustain damage. The limitation by ocean transportation is $ 500.00 per package.
As someone who has a vested interest in the cargo you would like to know that you are covered for the real value of the shipment. You need to know that you can expect proper compensation in the case of an accident. This is possible with the right kind of insurance: all-risk cargo insurance.
The insurance premium is based on the INSURED VALUE (all shipments to be valued at Cost, Insurance and Freight, including any prepaid and/or advanced and/or guaranteed freight plus 10% (C.I.F. plus 10%).
The insurance value for used general merchandise and personal effects should be the actual cash value of the goods rather than the replacement value.
Personal effects can only be insured for “All risk” if professionally packed.
Professionally packed means that the goods have been packed into cartons, crates etc. by a professional packing and shipping firm who specialized in the packing and handling of personal effects. An itemized valued inventory list is required for personal effects.
See what is included with your insurance in our comparison chart
For more information check out our FAQ
By law, Carriers and Freight Forwarders have the right to limit their liability should a cargo they are legally liable for sustain damage. The limitation by ocean transportation is $ 500.00 per package.
As someone who has a vested interest in the cargo you would like to know that you are covered for the real value of the shipment. You need to know that you can expect proper compensation in the case of an accident. This is possible with the right kind of insurance: all-risk cargo insurance.
The insurance premium is based on the INSURED VALUE (all shipments to be valued at Cost, Insurance and Freight, including any prepaid and/or advanced and/or guaranteed freight plus 10% (C.I.F. plus 10%).
The insurance value for used general merchandise and personal effects should be the actual cash value of the goods rather than the replacement value.
Personal effects can only be insured for “All risk” if professionally packed.
Professionally packed means that the goods have been packed into cartons, crates etc. by a professional packing and shipping firm who specialized in the packing and handling of personal effects. An itemized valued inventory list is required for personal effects.
See what is included with your insurance in our comparison chart
For more information check out our FAQ