Logistics insurance 

There are various types of logistics insurance available, including cargo insurance, which covers the physical loss or damage of goods in transit, and warehousing insurance, which covers the risks associated with storing goods in a warehouse.

Features

There are several features that are commonly included in logistics insurance policies:

• Physical loss or damage coverage: This covers the loss or damage of goods during transportation or storage due to events such as accidents, natural disasters, or theft.
• Delay coverage: This covers the costs associated with delays in transit, including additional storage and handling fees, lost profits, and business interruption.
• All-risk coverage: This provides broad coverage for a wide range of risks, including both physical loss or damage and delay.
• Named perils coverage: This provides coverage for specific risks that are listed in the policy, such as fire, flood, or theft.
• Extended coverage: This provides coverage for additional risks such as loss of market or increased costs of working.
• Valuation: This determines the value of the goods being transported or stored and how much coverage is provided in the event of a loss.
• Deductibles: This is the amount that the insured is responsible for paying in the event of a loss before the insurance coverage kicks in.

types of logistics insurance

There are several types of logistics insurance available:

1. Cargo insurance: This covers the physical loss or damage of goods in transit. It can provide coverage for a wide range of goods, including raw materials, finished products, and personal effects.
2. Warehousing insurance: This covers the risks associated with storing goods in a warehouse. It can provide coverage for the loss or damage of goods due to events such as fire, flood, or theft.
3. Inland transit insurance: This covers the risks of transporting goods within a country. It can provide coverage for the loss or damage of goods due to events such as accidents, natural disasters, or theft.
4. International transit insurance: This covers the risks of transporting goods internationally. It can provide coverage for the loss or damage of goods due to events such as accidents, natural disasters, or theft, as well as additional risks such as delays in transit and lost profits.
5. Marine cargo insurance: This covers the risks associated with the transportation of goods by sea. It can provide coverage for the loss or damage of goods due to events such as accidents, natural disasters, or piracy.
6. Air cargo insurance: This covers the risks associated with the transportation of goods by air. It can provide coverage for the loss or damage of goods due to events such as accidents, natural disasters, or theft.

what covered under logistics insurance

Logistics insurance typically covers the physical loss or damage of goods during transportation or storage due to events such as accidents, natural disasters, or theft. It can provide coverage for a wide range of goods, including raw materials, finished products, and personal effects.

What is not Covered

• War, civil unrest, or terrorism: Some logistics insurance policies may exclude coverage for losses or damages resulting from war, civil unrest, or terrorism.
• Fraud or dishonesty: Some policies may exclude coverage for losses or damages resulting from fraud or dishonesty.
• Intentional or criminal acts: Some policies may exclude coverage for losses or damages resulting from intentional or criminal acts.
• Loss of market: Some policies may not provide coverage for losses or damages resulting from a loss of market or a change in market conditions.
• Wear and tear: Some policies may exclude coverage for losses or damages resulting from normal wear and tear or gradual deterioration.
• Improper packaging: Some policies may exclude coverage for losses or damages resulting from improper packaging or handling of the goods.

Cost

Logistics Insurance cost is 8978 for third-party 1 year while comprehensive Rate depending on a number of factors, including the size and type of vehicles in the , the driving records of the drivers, the location of the business, and the coverage limits and deductibles selected.

categories of logistics insurance plans

1. All-risk coverage: This provides broad coverage for a wide range of risks, including both physical loss or damage and delay.
2. Named perils coverage: This provides coverage for specific risks that are listed in the policy, such as fire, flood, or theft.
3. Extended coverage: This provides coverage for additional risks such as loss of market or increased costs of working.
4. First-party coverage: This covers the risks faced by the insured, such as the loss or damage of goods during transportation or storage.
5. Third-party coverage: This covers the risks faced by other parties, such as the liability of the insured for damages or losses suffered by third parties.

difference between third party and first party logistic insurance

Third-Party Logistics Insurance	First-Party Logistics Insurance
Covers the risks faced by other parties, such as the liability of the insured for damages or losses suffered by third parties	Covers the risks faced by the insured, such as the loss or damage of goods during transportation or storage
May be purchased by businesses or individuals who are involved in the transportation or storage of goods	May be purchased by businesses or individuals who are concerned about the potential financial losses they may face if their own goods are lost or damaged during transportation or storage
Examples of coverage include liability for damage to third-party goods during transportation or storage	Examples of coverage include loss or damage of the insured’s own goods during transportation or storage

The specific terms and coverage of a logistics insurance policy will vary depending on the type of policy and the specific needs of the insured. It’s important to carefully review the policy terms and speak with an insurance professional to understand the coverage provided under a logistics insurance policy.

best logistics insurance companies

There are many logistic insurance companies to choose from, and the best one for you will depend on your specific needs and preferences. Some factors to consider when selecting a logistic insurance company include the types of coverage offered, the cost of the coverage, the reputation of the company, and the level of customer service provided.

Here are a few examples of logistic insurance companies that are highly rated by customers and industry experts:

1. C.H. Robinson: This global logistics company offers a range of insurance services, including cargo insurance, liability insurance, and insurance for transportation businesses.
2. DHL: This global logistics and supply chain management company offers a range of insurance services, including cargo insurance, liability insurance, and insurance for transportation businesses.
3. XPO Logistics: This global logistics company offers a range of insurance services, including cargo insurance, liability insurance, and insurance for transportation businesses.
4. FedEx: This global courier and logistics company offers a range of insurance services, including cargo insurance, liability insurance, and insurance for transportation businesses.
5. UPS: This global logistics and delivery company offers a range of insurance services, including cargo insurance, liability insurance, and insurance for transportation businesses.

steps to claim

Here are some general steps to follow when making a claim under a logistics insurance policy:

1. Contact the insurance company: Contact the insurance company as soon as possible after the loss or damage occurs. The company will provide instructions on how to file a claim and what documentation is required.
2. Gather documentation: Collect any documentation related to the loss or damage, including receipts, invoices, bills of lading, and other supporting documents.
3. Complete a claim form: Follow the instructions provided by the insurance company to complete the claim form. This will typically include providing details about the loss or damage, the goods involved, and the circumstances of the event.
4. Submit the claim: Submit the completed claim form and supporting documentation to the insurance company.
5. Wait for the insurance company to review the claim: The insurance company will review the claim and may request additional information or documentation.
6. Receive a decision: The insurance company will make a decision on the claim and inform the insured of the outcome. If the claim is approved, the insurance company will pay out the agreed-upon amount.

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