DB Schenker Trade Solutions

Cargo Insurance FAQs

What is Cargo Insurance / Freight Insurance?

Ocean Marine Cargo Insurance provides protection against all risks of physical loss or damage to freight from any external cause during shipping, whether by sea or air.


Motor Truck Cargo Insurance helps cover loss or damage to cargo of for-hire trucking, due to fire, collision or cargo being hit/run over.

How Much is Cargo Insurance / Freight Insurance?

Ocean Marine Cargo Insurance premiums vary on an assured shipping projections for the upcoming year. Motor Truck Cargo Insurance premiums vary on an assured exposure i.e. number of drivers, trucks, the commodity being hauled, etc.

How Much Cargo Insurance Do I Need?

It is recommended that a shipper take out cargo insurance for the full value of their goods plus the freight. This ensures they are fully indemnified in the event of a claim.

How Long is the Claim Process for Transit Cargo Insurance?

Typically it takes two to four weeks. The faster an insurer receives all relative claim documentation, the faster a claim can be settled.

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Can Payment Terms Be Extended for Cargo Insurance?

Yes. For instance, there are providers who partner with finance companies to assist clients of all sizes to find a payment solution that works best.

Where Can I Buy Cargo Insurance?

Cargo Insurance / freight insurance is available from many risk management companies online. To determine which company should provide your cargo insurance, verify the range of insurance carriers they offer, their purchasing power, what types of cargo they will insure and what they will do for you in the event of a claim for loss or damage.

 

DB Schenker offers cargo insurance / freight insurance underwritten by top-rated international insurance carriers, and because of a large global purchasing power, can offer broader coverage at lower rates than broker-issued policies. DB Schenker can also insure “difficult to insure” cargo and will work as a liaison between your company and the insurance company saving you time and money.

What is All Risk Cargo Insurance?

“All Risk” pertaining to Ocean Marine Cargo Insurance can be defined as coverage for and against the physical loss or damage from any external cause irrespective of percentage. Certain exclusions shall apply dependent upon an assured’s shipping information.

What is Ocean Marine Cargo Insurance?

Ocean Marine Insurance is an insurance policy that covers goods being shipped in transit by water or aircraft. It can also cover the same goods when they are briefly transported on land by truck or train both domestic and internationally. Additionally, coverage can be produced for warehouse storage as well.

What is an Open Cargo Insurance Policy?

An Open Cargo Policy, is an all-risk, world to world policy that will automatically insure and provide blanket coverage of a company’s shipments while they are in transit.

Contact

Have questions? Click below to contact us anytime. Click here to send us an email. Or call us and speak directly with one of our experts (Monday through Friday, 8 a.m. to 5 p.m. ET). 

Schenker, Inc.
Trade Advisory & Risk Solutions
41 Pinelawn Road, Suite 110
Melville, NY 11747
Phone +1 (844) 724-8723 (in USA)
Phone +1 (516) 690-2171 (outside USA)
TradeSolutionsUS@dbschenker.com