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Global Insurance Network
Cargo InsuranceLet's face it, the more cargo you handle, the more likely you are to suffer damage, destruction or loss that can cost you a lot of money. Ships sink every day. Natural and manmade disasters are occurring with frightening regularity. Bad weather is a fact of life. And, unfortunately, there are dishonest people in the world. There is nothing you can do to prevent all these causes of loss, but you can take action to ensure that neither you nor your clients have to suffer substantial financial losses when things do go wrong.
Cargo insurance provides coverage for physical loss or damage to cargo while in transit, either internationally or domestically.
"But isn't the carrier responsible for any losses while they're in possession of my cargo?"
This common misconception can lead to huge financial losses for shippers. The fact is that the liability of most carriers is severely limited by law and/or tariff restrictions. Generally, an ocean carrier is only responsible for up to $500 per package. An international air carrier has a minimal per pound (or kilo) limit under whichever convention is adopted by the destination country. This is approximately $10.50 per pound (or $23.50 per kilo) under the Montreal Protocol 4, and only $9.07 per pound (or $20 per kilo) under the Warsaw Convention. Domestic air carriers are only liable for $.50 per pound for any shipment.
Having the right insurance in place not only protects you and your client's from devastating losses, but it can also serve as a substantial source of revenue for the savvy freight forwarder and/or custom broker.
Having the right Open Cargo Policy in place can:
Ocean, air, rail or truck, however your or your clients' goods are transported; we can provide the right policy with the proper endorsements. Within pre-approved cargo lists and clearly identified destination and origin exclusions, our open cargo policies give the logistics provider the ability to ensure their client's cargo without lengthy application forms or going through a cumbersome approval process. In addition, many of our insurers are using state-of-the-art computerized systems for easy electronic filing of certificates and claims, freeing up your staff to spend more time servicing your clients.
Knowing that there are always exceptions to the rule, especially in the world of international trade, we also have a wide variety of special risk programs available to serve nearly all of your and your clients' needs. Just call Global Insurance Network, Inc. whatever your insurance needs. With our knowledgeable staff and our full Network of resources, Global offers a whole world of insurance solutions.
Cargo Legal Liability and E&O
We know that not everyone is smart enough to buy cargo insurance when they need it.
So who do those people turn to when their cargo is lost or damaged?
The shipping company, the airlines, the trucking company and/or you - the freight forwarder or customs broker - are all liable to the shipper for a specific amount of money per pound.
That's where Cargo Legal Liability Insurance comes into play.
Designed to protect the freight forwarder, custom house broker, N.V.O.C.C. and warehouseman, it will provide reimbursement for the amount you have to pay, PLUS it will provide costs to defend you in court if you are sued as a result of the cargo loss/damage.
"At Global Insurance Network, Customer Service is not a department... it's an attitude."
Global Insurance Network has been Serving South Florida's International Trade Community for
Years - and counting!
Unlike the new agencies entering the market in this area, Global is proud that we’ve been a South Florida-based insurance agency for twenty-five years. Global knows that where your business is concerned, it is best to “Think Locally – Act Globally!”
Specializing with the Logistics Industry and International Trade businesses