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Insurance Services
Don`t forget about cargo insurance! American Cargoservice offers cargo insurance for every type of shipment. Certain destinations or commodities may require special arrangements with our insurers. Whether you export, import, or ship domestically, cargo insurance is a vital part of every transaction. Air, ocean, and trucking carrier liabilities are limited and without cargo insurance your goods (and your profits!) are at risk.
Don`t assume if you are buying goods on CIF terms that you are covered. Unless the sales contract says otherwise, your supplier is only required to provide "Clause C", or minimum insurance cover, which may not adequately protect your interests.
Another important point to consider is "co-insurance". For export shipments, you should insure for enough to cover the costs of transportation and insurance, plus 10%. If you insure for only the cost of the goods, insurance companies will figure that you have insured for only the partial value of the shipment. That means, if you have damage or loss amounting to 50% of the value of the shipment, including shipping and insurance costs, you will be paid for only 50% of the loss. An important point to consider when purchasing insurance!