Cargo & Liability insurance: How to ride the tightrope
Cargo insurance is the oldest type of insurance in existence, yet it’s often the least understood. Whether you are a transportation intermediary or a shipper, here are some cargo insurance buying tips from the unique perspective of an insurance insider.
in the NewsThe State of the DC Voice Market System Report: Automation from receiving to shipping Preferred Freezer’s New Take on Automation Automated Storage: How to grow operations?...Make them smaller DHL launches Global Trade Barometer More News
Do insurance underwriters rely on methodology and science to determine pricing or do they just pull numbers out of their hat? Actually, applying a rate to a risk is a combination of both.
Contrary to traditional lines of insurance, marine insurance does not rely on company published rate guides or state filed rates. Pricing is typically based on an insured’s loss experience, the relative risk, type of commodity, and geography. But at its core, pricing is ultimately based on the insurance company’s level of comfort with you and the risk.
So, if you want better pricing, work with your insurance provider to help make the underwriter feel as comfortable as possible with the risk.
See below for related articles
Subscribe to Logistics Management Magazine!Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your entire logistics operation.
Start your FREE subscription today!
2018 Customs & Regulations Update:10 observations on the “digital trade transformation” Moore on Pricing: Freight settlement and your TMS View More From this Issue