Pricing & Surcharges
Cargo Insurance
Insurance covering loss or damage to goods in transit. Carrier liability is limited by convention; shippers often buy all-risk cargo insurance separately from freight charges.
In depth
Carrier liability under Hague-Visby and air conventions is limited: often far below cargo value. Cargo insurance (all risks or named perils) protects the insurable interest of buyer or seller per Incoterm. Claims need documentation and timely notice.
Key points
- Incoterms CIF/CIP specify minimum insurance only
- Institute Cargo Clauses (A), (B), (C) define coverage breadth
- Insure for 110% of invoice value where L/Cs require
- General average contributions may apply: insurance helps