If you are in the shipping business, you probably should or already have shipping insurance in Miami FL. Whether you have a policy or you are in the market for one, there are a few terms you should know as you continue to research and understand this brand of insurance. The following are four very common questions from new entrepreneurs and seasoned veterans of the shipping industry.
What Is an All-Risk Policy?
All-risk coverage is very broad and usually covers loss and damage due to external forces. Any limitations will be stated and can be covered with add-on policies.
What Is Warehouse to Warehouse?
Warehouse to warehouse policies cover cargo from the first moment of transit until it reaches the final destination. The term refers to the transit period of shipping.
What Are War Risks?
War risk coverage includes riots, strikes, civil unrest and other similar situations. When traveling between unstable or warring regions, this coverage may be necessary.
What Is an Open Cargo Coverage?
Open cargo policy is best suited if you have regular turnover of products/goods in transit. You don’t need to report individual shipments to ensure coverage. Instead, you can report movements in bulk.
Keep these terms in mind as you research shipping insurance in Miami FL. They will help you understand what you need and what to ask for from prospective agents or insurance companies.