Cargo insurance provides protection against all risks of physical loss or damage to freight from any external cause during shipping, whether by land, sea or air.
1st United Cargo coverage includes options to insure from “warehouse to warehouse,” and covers common carrier limitations such as: “Acts of God,” terrorism, strikes, riots, and civil commotion risks.
1/INSURANCE OF GOODS ONLY
To ensure your shipment for the replacement of the goods shipped in case of total or partial loss or damage, request insurance for the replacement value of the goods=commercial invoice value.
Sample Insurance Calculation:
Commercial Invoice Value = $10,000.00
Insurance Cost: $60.00
2/ INSURANCE OF GOODS + SHIPPING CHARGES
To ensure your shipment for the replacement of the goods shipped in case of total or partial loss or damage plus the cost of shipping the freight, request insurance for the CIF value of the shipment.
CIF + 10% Terms (Commercial invoice value + insurance costs + freight= CIF value x 110% (10% for any unforeseen costs or charges))
This type of insurance covers your shipping costs too in the case of damage or loss where the repair or replacement must be done somewhere other than the consignee’s location. Recoverable freight charges may be prorated based on the portion of the shipment damaged in the case of partial loss/damage.
If there is damage and the repair occurs at the final destination of the goods (consignee’s facility), no freight charges are refundable.
Sample insurance of goods + freight charges:
Commercial Invoice value = $10,000.00
Insurance Cost = $60.00
Freight Cost: $500.00
Total CIF Value = $10,560.00 x 110% = $11,616.00 = Amount to Insure
Insurance Cost = $69.70
If you have any further questions, please feel free to contact a 1st United Cargo Customer Service at +971-4-887-9699 or simply email your request to firstname.lastname@example.org .