If you think that buying a ready made package insurance policy for your cargo item is good enough, you may be wrong. There is much more to buying insurance for your shipping needs. It is like cooking chicken. As the saying goes “there is only one way to kill a chicken but many ways to cook it”. The same goes for your insurance purchase. You will really end up buying it but you can customize many things about its aspects of coverage. Here are some tips that will help you in the purchase of insurance for your shipping loads:
•Get coverage for mishandling if you know your cargo will enter ports which are not properly equipped with sophisticated cargo handling facilities. Forklift damage is very common to all shipments being stored in warehouse. Make sure this aspect is seen.
•If you will be utilizing inland mode of transportation, do not spend on many coverage aspects. Focus more on major but common possibilities like fire, traffic accidents, theft, and hi-jacking. Through this, more money can be saved.
•For imported items, select a coverage type that covers the actual costs of acquisition rather that the cost of selling. This will also save you a considerable amount of money.
•Employ the same strategy for exports but add the amount of shipping and handling. When bulky items are to be insured, get an insurance based on the overall cost of the transaction.
•Location for storage should have insurance too. The storage facility usually obtains its own business insurance so any losses you may acquire while your goods are within their premises are safely covered. However, do not readily assume this unless you have personally verified the insurance capability of the facility.