Cargo Insurance - Overview of Basic Principles

Why should you shell out extra amount to pay for cargo insurance? The short answer is: because with that "extra" amount, you will be remunerated in case your cargo gets lost or damaged. Nonetheless, let us define cargo insurance in more technical way. Cargo insurance generally covers the lost or damage, total or partial, of the goods that is the subject of the insurance coverage if such goods is damaged or lost while in transit and all other essential requisites are attendant. This sentence basically embodies the conditions before you can claim for your insurance proceeds. It is very important to note that not all and every kind of loss and damage on the goods entitles the owner of the cargo insurance policy to claim insurance proceeds.

General key concept of insurance
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These general concepts of insurance also apply to cargo insurance:

The claimant should have insurable interest. Insurable interest is a question of law. To put it simple, you have insurable interest over a cargo if you will stand at lost when that cargo is damaged or lost.

Another general concept is the "perils insured against" must be the cause of the damage or loss. Carefully study the insurance policy that you purchased or one that is being offered to you. If it is unclear, ask the provider or underwriter what are the events or circumstances that are covered by the policy. This is vital. If the cargo insurance you purchased did not enumerate the cause of the damage, you cannot claim the proceeds of the insurance. To illustrate, if the loss was due to Typhoon Yolanda and typhoons, or "Acts of God", or natural disasters were not in the list, you may lost your cargo without compensation for your loss.

Filing your claim is also another vital thing to consider. Some may require that you should inspect your cargo upon delivery or within twenty-four hours. Some may provide for a longer period like few days. Some may provide a distinction between a cargo delivered with noticeable impact or damage on the surface of the box or parcel. The time allotted for visible surface damage is shorter. The bottom line is, be sure to check on the allowable period within which you must notify the carrier of the fact that the cargo is damaged and the period within which you must notify your insurance provider of your claim.