In the Freight Forwarder process, managing transportation involves several key considerations, including the product itself and the payment of taxes. However, one critical aspect that should not be overlooked is insurance, particularly for international shipments. This includes both cargo insurance, which covers the goods during transit, and export insurance, which safeguards against potential risks related to international trade. Freight Rangers is here to provide comprehensive support, clarifying any uncertainties and answering all your questions about shipping insurance. We aim to ensure you are well-prepared and can accurately estimate costs ahead of time, so you can handle your logistics with confidence and peace of mind.

Understanding Transportation Insurance and Export Insurance

To understand transportation insurance and export insurance, it is important to recognize that transporting goods across borders—whether by sea freight, air freight, road transport by yourself, or through a Freight Forwarder —is essential. However, each transportation process carries the risk of damage to goods while in transit, from the factory or warehouse to the final destination. To protect and safeguard goods being exported to or imported from other countries, having transportation insurance is crucial for maximizing business benefits. It is important to first understand the types of transportation insurance available, which can be categorized into two types:

Time Policy : The insurance coverage is based on a specified period.
Voyage Policy : Coverage applies to a specific shipment, and protection ends when the goods reach their destination.

Why Transportation and Export Insurance Are Necessary

Many people may wonder why transportation and export insurance are necessary and how these types of insurance benefit your shipments. Today, we have the answers.

Certain types of goods are at risk of damage and loss of revenue in the event of unforeseen incidents during shipping. Therefore, having comprehensive insurance coverage is essential for every shipment.
It enhances the credibility of your business and partners, fostering confidence in business transactions.
It reduces the risk associated with business operations and protects goods or assets during transportation.

Coverage of Different Types of Insurance

The coverage of different types of insurance is as follows:

Transportation Insurance and Export - Import Insurance

Transportation Insurance and Export- Import Insurance includes protection against the following perils:

Covers all types of goods imported from abroad.
Covers all types of goods exported to foreign countries.
Covers all modes of transportation, including trucks, trains, airplanes, and cargo ships.
Coverage begins from warehouses, factories, and specified points until the agreed destination.
Applicable to all transportation terms (CIF, CNF, FOB, CFR, etc.).

Comprehensive Coverage

Comprehensive coverage includes protection against the following perils:

Fire and Explosion: Covers damage from fire, explosions, stranding, collisions, and overturning of land vehicles.
Transportation Risks: Includes damage occurring during transportation to avoid danger.
Jettison: Covers the throwing or dumping of goods overboard during an emergency.
Mitigation Costs: Expenses incurred to avoid or reduce damage.
Natural Disasters: Protection against earthquakes, volcanic eruptions, and lightning strikes.
Sea Damage: Goods lost overboard due to waves.
Total Loss: Goods completely damaged during loading or unloading, or while transferring between ships.
Water Damage: Goods damaged by sea water, water entering the hold, container, or warehouse (excluding rain).
Rain Damage: Protection against goods damaged by rain.
Malicious Acts: Covers acts of sabotage by others, including theft by pirates.
Theft: Protection against theft.
Other Accidents: Includes damage not specified above, such as breakage, cracking, tearing, soiling, and container damage causing leakage during transportation.

Highlights of Export Transportation Insurance

The highlights of export transportation insurance include:

Immediate Coverage: Policies can be issued immediately after payment is made, allowing you to start coverage right away.
Fast Claim Payments: Claims can be processed and paid within 7 days once all necessary documents are provided.
Reputable Insurers: Insurance is offered by well-known and long-established companies, both globally and domestically, including:
24/7 Service: Available around the clock with service points throughout Thailand.
Ongoing Claim Reporting: Claims can be reported at any time, with insurance consultants available to provide information and advice.
Global Claim Processing: Claims can be processed worldwide.
Accurate and Efficient: Information is accurate and precise, minimizing time spent on paperwork.
Open Policy: Provides flexibility in transportation insurance.
Easy and Fast Claims: Simple procedures for claims with staff available to track claims and protect policyholder interests.
Exclusive Benefits: Access to various exclusive benefits, similar to direct interactions with insurance companies.

Freight Rangers, an expert freight forwarder, is happy to provide detailed information and answer all your questions to assist you. You can consult with our experts at m.me/freightrangers.