If your business relies on transport of goods across long distances, there is inherent risk you take on. The loss of a shipment can be extremely costly, whether due to carrier disruption or damage. A Marine Cargo business insurance policy can help to offset the financial losses that could occur in transporting these goods and ensure your business is able to continue operating as normal.

Why is Marine Cargo insurance so important? It’s estimated that 30% of all freight damage in transit is unavoidable, with a lot of the losses suffered by companies occurring in transit to and from ports. An additional $30 billion in damages is estimated from cargo theft. Combining damage and theft risks, it’s important to protect your goods as much as possible, something you can do with a Marine Cargo policy. Radius Insurance can help you find the right policy to fit your needs, with extensive access to top carriers in California and a focus only on business insurance.

There are a number of factors to consider when choosing a Marine Cargo policy, depending on how your goods are shipped. Some things to consider include:

• Nature of the transport covered. Policies can be written to cover not only marine transit, but air, truck, rail or other modes.
• Choosing between All Risk and FPA policies. The former covers a broad range of potential issues and is used whenever possible. FPA policies are used when the elevated risk associated with the goods makes it difficult to acquire an All Risk policy. This type of policy will cover only specific situations.
• Some specific exclusions for All Risk policies include poor packaging, cargo abandonment, failure to pay or collect, Customs rejection, or inherent vice.