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With more than 80% of the world’s purchasing power in overseas countries, it’s not hard to see why businesses, in the US, Canada, and the whole of North America are actively operating in the global supply chain.
The IATA estimates that about $17.5 billion of goods that make up about 35% of world trade value gets transported by air every other day. Together with land and ocean transportation, vast containers are transported across international borders, each day.
At BYEXPRESS Worldwide, we understand that on most occasions, your shipment will arrive well and on time at the scheduled point. But then, sometimes, some things happen and bad things just happen to good cargos.
According to SensiGuard, there were some 649 cargo thefts in the US alone in 2017 with each theft causing a loss of an average of almost $150k.
Well, this does not happen every other day, but it does happen sometimes. So, what if it happened to your cargo? What if the unexpected happens and you risk losing millions as a result? Not to worry, you can have cargo insurance to your rescue.
Benefits of Cargo Insurance
Businesses looking to mitigate supply chain risks as well as reduce their financial exposure should understand how beneficial cargo insurance can be as regards this.
You can go for all-risk cargo insurance which will not be dependent on whether or not you’re able to prove negligence on the part of the carrier. Additionally, this will cover even door-to-door, irrespective of the number of carriers you may have used. And then again, the claim settlement will also be based on your invoice valuations.
Cargo insurance and carrier liability
BYEXPRESS Worldwide has seen time and again how many shippers often mistake carrier liability for some sort of insurance. But this clearly is not.
Carriers have to comply with certain regulations part of which includes providing some sort of coverage. But then, they are almost always able to come up with some kinds of defenses that can help them deny claims either partially or completely.
Certain circumstances that can be ascribed to nature and inherent vices are usually exempted from carrier liability. And unlike cargo insurance where the claims will be based on invoice valuation, carrier liability claims are based on shipment weight or package count.
Cargo insurance helps you mitigate risks
Totally relying on this will not completely insure your cargos against losses or damages.
Things like this pose a risk to the supply chain and although they don't happen every minute, when they do, they’ll cause significant disruption.
How prepared you are in these situations will impact how well you’re able to cope with the financial implications. With cargo insurance, you’ll, however, be able to mitigate risk and keep supply chain protected so these do not impact the bottom line negatively.
BYEXPRESS Worldwide
BYEXPRESS Worldwide is arguably the world’s largest marketplace connecting businesses, as well as global importers and exporters with credible and reliable logistics providers for air and ocean transportations.
Through our partnership with hundreds of such quality providers, we are always able to provide value with every single shipment. Enjoy instant booking and hassle-free shipping to every corner of the world.
All you need do is log on our website at www.byexpressworldwide.com with details of your shipment to unlock free quotes at competitive rates from multiple carriers.
You can also contact us at info@byexpressworldwide.com for more information. It’s a world of endless opportunities and we’ll be more than happy to help.
