It is our goal to provide insurance strategies that provide insight, protection, and security.
Cargo loss and damage are unfortunate realities and one of the most important and commonly misunderstood areas in international logistics is the actual liability of the Air and Ocean carriers. Under the Warsaw Convention (air) and Carriage of Sea Act (ocean) the liability of the carrier is very clearly defined:
a) Air Carrier Liability is limited and governed by the Warsaw Convention, generally liability of the air carrier is limited to US $9.07 per pound or $20 per kilo for international shipments and. US $ .50 per pound for domestic shipments.
b) Ocean Carrier Liability is limited and governed by the Carriage of Goods By Sea Act (COGSA) to US $500.00 per package or customary freight unit.
Transmodal provides insurance to bridge the gap between carrier liability and the true value of your goods. Our staff can provide immediate quotations for most cargo insurance needs, issuance of cargo insurance certificates, and in the event of a claim, we handle the entire claim process from filing up to resolution.
Through our affiliation with several of the worlds leading insurance companies, we offer various levels of coverage including all-risk, warehouse to warehouse and specialized coverage.
The broadest coverage available covers insured party against anything that is not specifically excluded. Exclusions typically include – Inherent Vice (losses due to delay or loss of market), Abandonment of Cargo (Losses occurring at a port city more than 15 days after discharge of cargo), and Improper packing (Used goods cannot be insured all risk without special approval).
Warehouse to Warehouse
Our all-risk coverage protects cargo in transit from the time it leaves the seller's warehouse until it arrives at its final destination, as long as it is not taken out of the normal course of transit by the insured. This is the most comprehensive type of transit insurance available. However, it is important to remember that this broad cover may be negated by the terms of the sales contract.
Depending on your operation, you may have a need for more specialized coverage. Some of the coverage enhancements available are:
Trade show/exhibition coverage
Coverage for terms of sale other than C.I.F. (i.e. FOB, FAS, etc.)
Longer-term warehouse storage
Large, project cargo moves in excess of $1,000,000 per vessel
Coverage into interior Russia (most cargo policies will not provide coverage in Russia to the final destination)