Most companies have insurance to protect their property and equipment, their vehicles, and their operations from disruptions due to natural disasters and other events. For companies with extensive supply chains, cargo insurance can be an important addition to this list.
Shippers need to understand the claims process and law since the legal principles are unique to the shipping industry.
Understanding transportation liability is not just for lawyers any more. Shippers need to pay closer attention to contract language and the details of shipper and carrier insurance policies.
Reduce your transportation insurance premiums by investing in loss prevention measures, partnering with reputable logistics providers, and keeping your insurer informed about your operations, says Barry Tarnef of Chubb Group of Insurance Companies.
Incoterms are an internationally accepted set of standard commercial terms used between buyers and sellers. J. Anthony Hardenburgh of Amber Road helps shippers understand these rules.
Robert L. Sobel of Cook, Hall, and Hyde outlines how shippers can benefit from trade disruption insurance.