Rough weather conditions, port strikes, incorrectly packing of the goods and other common hazards to cargo can be financial risks to your company and or the consignee. For this reason, it is essential for the shipper and the consignee to know exactly who is responsible for the cargo during the various points in the shipping process, and where and when risk is transferred. Please refer to “Inco terms” for better understanding.
Neither the shipper nor the consignee should assume that adequate insurance has been obtained. If proper insurance coverage is not acquired, damage to the cargo may cause a major financial loss to the shipper or to the consignee, depending on the point at which an incident may occur.
The responsibility to insure cargo lies with the owner of the goods, and not with the Carrier, be it a Steamship Line, an NVOCC, or a Freight Forwarder. Furthermore, Carrier liability is frequently limited by international agreements. Additionally, the coverage is substantially different from most other types of insurance policies.
At EB Logistics, we offer our customers cargo insurance coverage under our policy with Lloyd’s of London. We would generally recommend our customers to insure their cargo at 110% of the CIF (Cost, Insurance, and Freight) or CIP (Carriage and Insurance Paid to).
The type of coverage and rates may vary based on the commodity and the destination, so please Contact Us for additional information.