Since you, the property broker, take the responsibility to transport cargo by truck or boat, the contract that you form with the cargo owner typically forces you to be held liable for any damages to their property. Sometimes, even if you do not cause any damage to their goods, the cargo owner will file a liability claim and try to use the ambiguity of the contract to force you to pay for any losses. Luckily, a proper and preventative contingent cargo liability policy protects you in these situations.
Transportation insurance is one of the few areas of the insurance market that is not regulated by the government, so policies tend to differ immensely between insurance providers. Before you set out to get the perfect contingent cargo liability coverage for your needs, make sure to get the help of a reliable agent so that you do not get caught up in the market’s seeming chaos.
Planning Your Coverage
While your are getting this coverage, consider adding any of the following to your insurance coverage.
- Project Cargo
- On-Deck Cargo
- High Value Cargo
- Expanded Warehouse to Warehouse Coverage
- Warehousing and Storage
- Stock Throughout
- International and Domestic Cargo Coverage
You face the challenges of international logistics every day, but with the right insurance coverage, you can stay safe from any complicated liability claims.