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In the trucking industry, the transporter of the materials takes the responsibility for that cargo, and it’s critical that the value of that cargo is clearly articulated by the transporters and the shipper at the outset of the project. There are several ways to identify the value of a particular shipment: by bill of lading disclosure, through a written contract, or via published tariffs. It’s vital that both parties investigate these details and outline the amount associated with the cargo before the shipment leaves. A transporter takes on a risk when moving the materials by truck, and this risk can be mitigated with cargo insurance.
Cargo insurance protects the transporter from claims of lost or damaged cargo. In the event of an incident, cargo insurance can prevent a transporter from expensive claims regarding destroyed or lost materials. Each vehicle will have a maximum load limit and the amount of insurance should reflect the value of the load. Failing to adequately insure a load can produce catastrophic consequences for the transporter.
One of the greatest benefits of cargo insurance is that it can be customized for your individual needs, providing flexibility and coverage where you need it most. It’s important to work directly with an agent to ensure that the coverage you have selected is appropriate and to verify whether any exclusions in the policy will leave you exposed to risk. In many scenarios, it’s possible to add provisions regarding the insurance of the items when they are in a warehouse or terminal, providing total protection for the cargo from start to finish.
Don’t find yourself suddenly attempting to manage a devastating and expensive loss of or damage to property that has been shipped. Cover your bases with an inclusive cargo insurance policy and rest easy that you are protected.