Marine & Air Insurance
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Air cargo insurance is necessary and important for the process of transporting and shipping goods by aircraft, and the policy covers losses and damages to the insured items, whether total or partial, resulting from any emergency accident such as burglary, fire, drowning or loss of goods during loading and unloading operations.
What is Air Cargo Insurance?
Air transport insurance is a type of insurance policy that protects the buyer or seller of goods transported by air, where the policy becomes responsible for compensating the insured for items that have been damaged, ruined or lost and in some cases; may provide compensation for delayed shipping.
Sea freight insurance is one of the closest relatives to air freight insurance, which protects goods that are transported over water, as the policy includes each of the following:
Air Cargo Insurance protects the buyer or seller of goods transported by air from damage and loss, and in some cases may even protect you from shipping delays.
Most air cargo carriers provide a minimum insurance for all shipments known as carrier liability insurance, although this coverage is usually small.
Many major shipping companies therefore seek additional protection offered by insurance companies, freight forwarders, and commercial service brokers.
Air Cargo Insurance premiums for cargo cargo vary based on the level of coverage, value, nature of the insured items; location of transport; and route of the goods.
Most air freight insurance policies offer partial coverage, which may only repay 60% of the value of inventory, but there are some policies that are more comprehensive.
What are the advantages of Air Cargo Insurance for cargo shipping?
The main advantage of Air Cargo Insurance for freight forwarding is that it reduces financial loss in the event of damage or loss of the shipment during transportation, when the cargo moves from the warehouse or warehouse in which it is located, a small investment in the so-called insurance premium that you pay provides you with peace of mind in case of any problems.
When do you need air freight insurance?
Even if Air Cargo Insurance is not legally required, it is best to obtain a cargo aviation insurance policy to protect your company from any unexpected loss due to damage or loss of goods for uncontrollable reasons such as weather, traffic, etc.
Because airborne cargo passes through different hands, vehicles and ports, they are exposed to a great deal of risk, and as a result, the longer they are at risk, the greater the chances of being lost, stolen or damaged.
What are the types of cargo insurance?
Onshore and sea cargo insurance are the two main types of cargo insurance, which also covers air freight, and is divided into:
Land Cargo Insurance:
This type of insurance covers goods transported by road, such as trucks and light service vehicles, since its scope is limited within the borders of the country, it is also commonly used for domestic freight, and it is also covered for theft, collision damage and other risks associated with the transit of road freight.
Sea Freight Insurance:
This insurance covers sea and air freight and is mainly used in international trade, protecting ships and aircraft from damage caused by loading and unloading, bad weather, accidents and other risks.