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Types of Cargo Insurance

Cargo insurance policies vary, allowing freight forwarders to select coverage that best suits their needs. Common types include:

• All-Risk Coverage: This comprehensive policy covers all risks except those specifically excluded. It's ideal for high-value or fragile goods.
• Named Perils Coverage: This policy covers only the risks explicitly listed, such as theft, fire, or collision.
• Open Coverage: Suitable for businesses with frequent shipments, this policy provides continuous coverage over a specified period.

Cost Considerations

The cost of cargo insurance depends on several factors, including the type of goods, their value, the mode of transport, and the route. Typically, premiums range from 0.1% to 2% of the cargo's value¹. To find the most competitive rates, it's advisable to browse options and request quotes from multiple insurers.