if you are not purchasing marine cargo insurance and you are shipping something from one side of the world to the other, you could be at risk. Did you know that freight forwarders aren’t obligated to carry Marine Cargo Insurance? This means that when you ship something, there may be no financial protection in place.
What Marine Cargo Insurance Offers
Essentially, marine cargo insurance is the financial protection you need to avoid a major setback in the event that there is a major disaster once your cargo is placed on a cargo vessel. You don’t want to see your profits be washed out to sea.
Since carriers don’t want to work with people that don’t have the insurance, there is economic pressure for freight forwarders to have and offer cargo insurance. This will allow you to have more protection so you don’t encounter an issue with your shipment.
Disasters on the Water
In January 2015 alone, there have been multiple cargo ships that have sunk. In Scotland, a cargo ship sunk off of the north coast. In Vietnam, another cargo ship sank off the southern coast. With accidents like this happening, despite all of the modern technology, it is proof that nothing is ever as safe as you think it is.
Focusing on ways to protect your assets needs to be a top concern and that is why you should always seek insurance for your freight shipments. It is the only way to avoid a major financial setback in the event of a disaster at sea.
Call us at GSIS and learn more about the benefits of cargo insurance.