0:00Who pays if your cargo is lost or damaged?
0:03Do not assume it is the carrier.
0:06Cargo insurance covers loss or damage to goods in transit.
0:11Its cost is small relative to the value it protects.
0:15Typically a fraction of a percent of the shipment's value.
0:19Do not assume a carrier's or forwarder's liability covers your full loss.
0:25Under standard shipping terms it is often limited to a fairly small amount per
0:29kilogram,
0:31far below the actual value of many goods.
0:34So a separate cargo insurance policy is usually necessary for real protection.
0:41Check exactly what a policy excludes.
0:44Standard policies commonly exclude poor packaging,
0:48inherent product defects,
0:50and certain high-risk cargo categories,
0:53unless you declare and cover them specifically.
0:57Insure the cargo, and read the exclusions.