{"id":5670,"date":"2020-08-25T21:22:07","date_gmt":"2020-08-25T21:22:07","guid":{"rendered":"https:\/\/cometinsure.com\/blog\/?p=5670"},"modified":"2020-10-19T11:30:47","modified_gmt":"2020-10-19T11:30:47","slug":"what-are-the-types-of-cargo-insurance-policies","status":"publish","type":"post","link":"https:\/\/cometinsure.com\/blog\/what-are-the-types-of-cargo-insurance-policies\/","title":{"rendered":"What are the Types of Cargo Insurance Policies?"},"content":{"rendered":"<div  class=\"tatsu-ggau0nu5jl1r4aa8 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-ggau0nu5tzehhx2n\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-ggau0nu63l6ab2m8\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-ggau0nu6cn5r1cm5  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-ggau0nu6cn5r1cm5.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;color: rgba(0,0,0,1) ;}.tatsu-ggau0nu6cn5r1cm5 .tatsu-text-inner *{color: rgba(0,0,0,1) ;}<\/style>\n<p><a href=\"https:\/\/cometinsure.com\/pk\/marine-insurance\"><span style=\"font-weight: 400;\">Cargo insurance<\/span><\/a><span style=\"font-weight: 400;\"> policies offer you coverage for and protection for your goods which will be transported through various mediums. These cover your shipments in unforeseen circumstances, and hence it is very important for people to insure their goods.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of the benefits that cargo insurance provides are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span style=\"font-weight: 400;\">Damages due to improper packaging<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Damage caused due to collision<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span style=\"font-weight: 400;\">Employee dishonesty<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span style=\"font-weight: 400;\">Damages due to theft and fire<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There are several types of cargo insurance present for the transportation of shipments. These include:<\/span><\/p>\n<h3 style=\"text-align: left;\">1.\u00a0 All Risk Policy:<\/h3>\n<p><span style=\"font-weight: 400;\">This All Risk Policy includes all the damage that is caused to the goods. It includes damage caused due to theft, mishandling of the goods, acts of God such as thunder, lightning as well as accidents and collisions. There are some exclusions present which would be mentioned in your policy.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3 style=\"text-align: left;\">2.\u00a0 Free of Particular Average (FPA):<\/h3>\n<p><span style=\"font-weight: 400;\">Free of Particular Average lists down exactly what is mentioned in the policy. It states very clearly what all will be covered for and what will be excluded from the claim. Usually under this coverage theft is often excluded whereas collisions, accidents, burning and some acts of God are included.<\/span><\/p>\n<h3 style=\"text-align: left;\">3.\u00a0 Shipment by Shipment:<\/h3>\n<p><span style=\"font-weight: 400;\">This coverage is provided by the people who will be shipping your goods. Yet again, there are be some possible exclusions, which may not be taken into account, such as some acts of God and acts of war.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are three main types of cargo insurance policies. These are open cover cargo policies, specific cargo policies and contingency insurance policy.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\">\n<h3><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Open cover cargo policies:<\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The open cover cargo policy is basically when the insurer requires coverage for several various cargo shipments. The open cover cargo policies are renewable and permanent\/non-renewable in nature.<\/span><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li><span style=\"font-weight: 400;\">Renewable open cover cargo policies:<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">The renewable policy requires to be renewed after a certain period. It reaches its expiration and is not valid anymore. Usually, single consignments fall under this category and require the need to be renewed.<\/span><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"2\">\n<li><span style=\"font-weight: 400;\">Permanent\/Non-renewable open cover cargo policies:<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This policy is for a longer duration. It is drawn up for a specific time period during which numerous cargo shipments can be sent.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\">\n<h3><span style=\"font-weight: 400;\">Specific cargo policy:<\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When an <\/span><span style=\"font-weight: 400;\">insurance company<\/span><span style=\"font-weight: 400;\"> insures one particular cargo shipment, it falls under this specific cargo policy.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\">\n<h3><span style=\"font-weight: 400;\">Contingency insurance policy:<\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In some cases, certain customers do not insure their goods. They further do not accept their shipments if they are damaged. This creates a puzzling situation for the seller, and hence they can seek protection through their very own legal system. However, mostly this is of no use. Therefore, they can turn to a contingency insurance policy which has a lower premium rate. Sellers are not even required to tell their customers about it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore before purchasing your cargo insurance policy from a reputable <\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/cometinsure.com\/pk\/\">insurance company in Pakistan<\/a>,<\/span><span style=\"font-weight: 400;\"> you should decide the type of coverage you want as well as the insurance policy that you want for your shipments.<\/span><\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-ggau0nu63l6ab2m8.tatsu-column{width: 100%;}.tatsu-ggau0nu63l6ab2m8.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div>\n","protected":false},"excerpt":{"rendered":"<div><a href=\"https:\/\/cometinsure.com\/blog\/what-are-the-types-of-cargo-insurance-policies\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":5673,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[33],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are the Types of Cargo Insurance Policies? 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