Transport insurance provides businesses and individuals with protection against the financial consequences of damage or loss that can occur during the transportation of goods.

This type of insurance is especially important for exporters, importers, and transport companies.

Why Transport Insurance is Important:

Accidents, thefts, natural disasters, and other unforeseen events can affect the transportation of goods.

The resulting financial losses can be substantial, especially if the goods are expensive or delicate.

Transport insurance provides a safety net in these situations.

Types of Transport Insurances:

1. All-risk Policy: This type of insurance provides the most comprehensive protection and covers all risks unless they are expressly excluded.
2. Specific Peril Policy: Here, only specific risks are insured, which are explicitly listed in the policy.

Important Considerations When Choosing Transport Insurance:

• Validity Duration: Some policies offer protection for a specific period, while others may apply to recurring shipments.
• Type of Goods: Certain goods may require a higher premium due to their fragility or value.
• Mode of Transport: The type of transport (truck, ship, airplane) can influence the insurance coverage and premium.

FAQs:

1. Is transport insurance legally required?

No, in most countries it is not legally required but is often demanded by business partners.

2. Does my transport insurance also apply to international shipments?

It depends on the policy. It’s important to carefully check the scope of the insurance.

3. What should I do in case of damage?

Immediately contact your insurance company and document the damage as accurately as possible with photos and reports.