CARGO INSURANCE

Comprehensive Cargo Insurance

At OLC Shipping Line, your valuable shipments will always be secured throughout our shipping process. This is provided through our cargo insurance where clients are assured of their goods are well protected from any risk that may occur while in transit. Our goal is to offer all round, credible and cheap assurance so that the transport of your consignment is not only safely done but also with extra security measures in place.

What is Cargo Insurance?

Cargo insurance is a specialized policy that covers the risk of loss or damage to goods while they are being transported. It’s a safety net for businesses and individuals that rely on shipping, ensuring that their investments are protected.

Why is it Important?

Protection Against Risks: Protects the shipments from being destroyed, stolen or lost.
Financial Security: Serves important cash flow need for organizations and people.
Coverage for Unexpected Events: Encompasses the field of operations, awkward situations and emergencies including disasters.
Regulatory Compliance: Meets the goal of legal requirements as well as shipping needs.
Customer Trust: Creates credibility because the company ensures that their goods are protected.
Peace of Mind: Helps to eliminate stress while moving through its provision of a dependable shield.

Types :

  1. All-Risk Insurance:
    It provides comprehensive coverage for Burglary, theft, damage or loss unless exceptions are reached by agreement. Hence it is advisable for firms that require maximum safeguard for their products during the transportation process.
  2. Named Perils Insurance:
    This type reposes only in what was expressly included in the contract and hence offers minimal, but relatively cheap cover. However, firms should be able to weigh if the listed risks address all possibilities of shipping problem.
  3. Institute Cargo Clauses:
    Such conditions include the amount that depends on the type of the transportation with being either seaborne or aerial. Besides, we can also help you choose the most appropriate clause for your shipping requirement.
Cargo Insurance

Benefits of Choosing Us

  • Tailored Solutions: Understanding that shipping needs differ from one organization to another is something that we acknowledge. This is why we maintain a very sound relationship with our clients. In order to evaluate the best solution in terms of cargo insurance so it would fit their logistics plan perfectly.
  • Expert Advice: Our dedicated staff at sea provides you with great know-how about cargo insurance. Also, we quickly guarantee that our team is always prepared to help you at every stage useful in REDUCING YOUR DOWNTIME AND COST HARM.
  • Seamless Integration: You can avail cargo insurance services without any interruption in your shipping services. This convenience ensures the safety of your shipments while at the same time keeping the processes of shipment easy.
  • Prompt Claims Processing: In the unfortunate event when something happens to the shipment or it gets lost or damaged, the company is ready to help you get your claim without much hassle. 

Benefits of Insuring Your Cargo with OLC Shipping Line

Peace of Mind for All Clients: The benefits that come with insurance are some emotional and financial freedom accompanied by security from the product in question.

Enhancing Business Credibility and Continuity: Insured shipments, therefore, help maintain credible business relations with your partners and ensure the smooth continuation of operations.

FAQs

What is General Cargo Insurance?

This means to protects goods in transit against risks like damage, theft, or loss across various transportation modes.

The party responsible for paying for cargo insurance depends on the terms of the shipping agreement, typically outlined in the Incoterms (International Commercial Terms):

  1. Seller Pays:

    • Under terms like CIF (Cost, Insurance, and Freight) or CIP (Carriage and Insurance Paid To), the seller is responsible for arranging and paying.

  2. Buyer Pays:

    • Under terms like FOB (Free on Board), EXW (Ex Works), or FCA (Free Carrier), the buyer is responsible for arranging and paying.

The cost is determined by the value of the goods, mode of transport, destination, and type of coverage selected.

While it is not mandatory, But highly recommended to safeguard your goods and meet certain contractual or trade requirements.

Carrier liability offers limited protection for losses or damages. whereas cargo insurance provides comprehensive coverage for a wider range of risks.