On average, transportation accounts for almost 40 per cent of the world economy. When we see goods or any other form of cargo being transported, we do not think much of it, nonetheless believe that it can have an entire industry flourishing on it. However, cargo transportation happens daily and on a huge scale. Every dayton and tons of cargo is transported inter and intrastate. Some journeys are short and get completed in a couple of hours, whereas some other journeys can take up to multiple days to get completed. There are multiple ways how cargo can be transported, by road, air, or water. A multitude of goods get transported, and most of those goods are extremely fragile and need delicate handling, however, mishaps and certain accidents that may damage the goods are bound to happen. This is where cargo insurance from a reliable cargo insurance company comes in handy.
What is cargo insurance and why do you need it?
Often if a good gets damaged during transit, the owner is supposed to bear the cost of damage since no transit company, or the seller take responsibility. In most cases, this can burn a heavy hole in any person’s pocket, since they pay to double the cost and receive no good. This can cause a major loss to any person in the case of an extremely expensive or fragile good. Cargo insurance helps minimise the loss incurred in case of damagedgoods.
During the transit of any delicate and expensive good, cargo insurance comes in extremely handy. Although while insuring any good, the owner must ensure that it’s done through a reliable Grand Trust Underwriters company only.