It is most important that every shipment carries full cargo insurance. Many companies mistakenly believe that in the event something happens, they can claim full value from the carrier.
However carrier’s liability is severely limited, typically to USD 500 per unit shipped by ocean (1 unit is normally 1 container) and USD 20 per kg if shipped by air.
All freight charges must be paid in full before any claim against the carrier can be started.
This is where cargo insurance comes into play. For a very small cost, Trunkuse can help arrange full cargo coverage, from door to door, usually with no deductible. Cargo can be insured for 110% of CIF or even DDP value.
We only work with reputable insurers and each claim will be handled professionally and quickly. We have excellent experience in claims handling and payments.
Many clients try to save money by not insuring or under-insuring cargo. However, this is not an area to try to save a few dollars.
Why insure 110% and not 100%?
This is the most commonly asked question. The insurance companies allow you to use the additional 10% to help in expediting production of the replacement, or to help pay for airfreight of the new part, or to pay penalties for late deliveries. It is a standard formula embedded in all letters of credits and terms of worldwide business.
A few of our clients were not aware that they could ensure for 110%. After their shipment sustained damage in a violent winter storm on the ocean, they were relieved to have 10% to pay for shipping the replacement.