Marine and Cargo insurance provides protection against all risks of physical loss or damage to freight from external cause during shipping, by land, sea or air transportation or during the handling and storage of your freight.
XELLZ Insurance Group believes that correctly insuring freight, in combination with good physical risk and loss control management, is vital to manage the financial impact of loss or damage. Our coverage comprises of options to protect goods from “door to door,” irrespective of the number of subcontractors involved. It covers common carrier limitations such as: “Acts of God,” terrorism, strikes, riots, and civil commotion risks.
- Subject to certain packing exclusions, the freight insurance policy pays regardless of which carrier is ultimately responsible for the loss or damage.
- Includes coverage for General Average. Without cargo insurance, this event can have a frustrating financial impact on you and your clients, as they will be responsible to put up a bond to have their cargo released also if it’s not damaged.
- The freight insurance policy will cover the goods for the full value declared and will not be subject to the limitation of a carrier’s bill of lading.
- For handling third party cargo, freight insurance is a value-added service that also helps managing your cargo liability exposure, XELLZ Insurance Group solutions do not subrogate against the party who arranged the cover.
- Protect your errors and omissions insurance from liability claims, as you are not absorbing the deductible applicable to each claim under the legal liability policy.
- Carrier liability is calculated based on the weight of the shipment, and may be limited to a few hundred dollars. XELLZ clients are fully protected and will not have claims made against your liability insurance.
- With full cargo damage insurance, the burden of proof of liability is waived and claims are handled directly between the insurer and the customer. Insurers then subrogate where possible.
Simply put, cargo and/or freight insurance provides a cost-effective way of protecting your customer, and yourself for physical loss or damages to goods in transit. It provides added value to you and your customers and helps distinguish your company from your competition.