{"id":4413,"date":"2019-02-20T14:10:38","date_gmt":"2019-02-20T19:10:38","guid":{"rendered":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/?p=4413"},"modified":"2019-02-20T14:10:52","modified_gmt":"2019-02-20T19:10:52","slug":"cargo-insurance","status":"publish","type":"post","link":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/cargo-insurance\/","title":{"rendered":"Cargo Insurance: Safe and Secure Importing"},"content":{"rendered":"

Last week, we talked to you about shipping during peak season<\/a> and how to get your imports to port on time, even with the increased demand. This week, we\u2019re going to talk about what happens when your imports don\u2019t <\/i>make it to port just right.<\/p>\n

While not a reality anyone likes having to deal with, lost cargo is a fact of international trade. It\u2019s hard to get a good grasp on the real number \u2014 cargo shipping companies and insurance brokers have both been accused of manipulating the data to be more or less favourable \u2014 but every year, someone <\/i>loses their imports. Even more end up with damaged goods.<\/p>\n

Damaged and lost imports, oh my \u2014 but you don\u2019t have to take the loss! Cargo insurance will protect your goods, but keep in mind: not all insurance packages are equal.<\/p>\n

Do I Really Need Cargo Insurance?<\/h2>\n

Wait<\/i>, you might be thinking. Didn\u2019t you say people manipulate the numbers? Why do I need cargo insurance?<\/i><\/p>\n

There is no exact data point you can rely on for lost <\/i>cargo, that\u2019s true. Your imports risk being one of either 1,000 or 10,000 lost containers a year, and unless everyone starts cooperating to share real numbers, we don\u2019t know who<\/i> is more right. But what\u2019s true is that some <\/i>cargo is lost every year \u2014 shipping companies themselves admit to this.<\/p>\n

Beyond loss<\/i>, however, is damage.<\/i> Damage is much more common than loss, but can be just as frustrating. Damaged merchandise needs to be discarded, repaired, or sold at a discount. Cargo loss is a frustrating waste of money, but much more rare than damage. Damage is the real reason you need cargo insurance.<\/p>\n

What Kinds of Cargo Insurance are Available?<\/h2>\n

Whether you\u2019re worried about loss or damage, cargo insurance is a good idea. Not all cargo insurance is equal, though!<\/p>\n

Carriers typically offer their own insurance, and their focus will be on protecting themselves, not you. This means that while one carrier may offer a comprehensive insurance option that won\u2019t leave you high and dry, another might \u2014 there\u2019s no guarantee of consistency when you\u2019re not the one choosing your insurance plans.<\/p>\n

With a good cargo insurance package, your imports should at least be covered for:<\/p>\n