Do you NEED to arrange transport insurance?
Although in some cases compensation maybe payable by a carrier, in most cases, it is subject to various restrictions, which means that you may receive less than your goods are worth should they become lost or damaged whilst in transit.
The only way to guarantee complete peace of mind is to make sure that your goods are properly insured.
Are YOU responsible for arranging transport insurance?
Responsibility for arranging transport insurance varies depending upon the terms of sale.
If you are buying for example ex-works or FOB. Under these terms, the goods are at your risk for the bulk of the transit until delivered to you.
If you are selling for example FOB, FOT, FAS, C&F, Free Carrier. Under these terms, the goods are still yours and at your risk from the time they leave your premises until they reach the point specified in the terms of sale, e.g. until Free on board vessel.
If you are selling CIF. Under these terms you have a contractual obligation to arrange transit insurance from door to door, the benefit of which is transferred to the buyer along with title to the goods.
What will it COST you?
The insurance premium is arrived at by applying an insurance rate percent to the insured value. The insured value is most commonly taken as the cost of the goods, the insurance premium cost and freight cost plus a 10% uplift.
The rate percent will depend upon the type of goods, their packing, method of transport and destination / origin. A higher rate will apply to goods which represent a greater risk to underwriters.
What COVER do you require and HOW to get it?
The widest cover available, along with competitive rates.
Anglia Forwarding offer cover against “all risk” of physical loss or damage to the goods subject to the terms of the Institute Cargo Clauses (A).
Simply ask Anglia to arrange insurance cover on your behalf when booking goods for transit, or, you can issue standing instructions, in writing, that all your shipments will have insurance cover. Anglia will do the rest.