What Is Ocean Cargo Insurance?

No matter your industry, chances are that you do not restrict your business to just the United States. Parts and products will be bought and sold from overseas, and then those products must be transported to your base here in the U.S. However, a lot can happen between here and there. What happens if the ship your cargo is on sinks? What if the ship’s boiler bursts? To protect your business, ocean cargo insurance is a must.

What it is

Ocean cargo insurance covers your goods from the time they leave the point-of-origin warehouse in one country to the time they arrive at their point-of-destination in another, as transported over international waters. While it can’t physically protect your cargo, it can cover your losses.

Why you should have ocean cargo insurance

Say you’re in America but importing firearms from Europe. Lots of things can go wrong when materials get shipped from one continent to another, including terrible storms, fires, collisions, and theft. Ideally, you want your items to be in the best condition possible—not broken, stolen or otherwise ruined during transport over international waters. It’s better to have ocean cargo insurance should something go wrong, then to take a huge loss should your goods get lost or damaged during the international shipping process.

Associated Services in Insurance helps firearms industry manufacturers and others obtain the best ocean cargo insurance coverage possible. Based in Grain Valley, Missouri, feel free to reach us at 877-776-4015 to discuss your insurance options.

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