If you import goods from, or export goods to, places in the world outside of the 48 contiguous United States or Canada, you very likely have a vessel/air cargo exposure. Similarly, if goods travel to you or from your locations to customers within the 48 states or Canada, or within one country overseas, you have a transit exposure.

Companies with relatively small amounts of at-risk imports or exports find it more cost-effective to utilize the services of a freight forwarder, most of which also make cargo insurance available at an additional cost. However, when it comes to larger amounts and higher risks, rates for coverage placed via this method are typically much higher than those available under a separate cargo policy available through an insurance agent; once the volume of shipments exceeds the point at which the policy minimum premium is met, private insurance becomes much more cost-effective.

Transit insurance, both foreign and domestic, is readily available and competitively priced, particularly at higher shipment volumes.

It is important to be aware of and to understand the various shipping terms used in cargo/transit insurance as these dictate who is at risk and at what point, so it is necessary that you arrange coverage through an agency that is well-versed in this complex subject. Appleby & Wyman specializes in this coverage field and our team is always happy to provide consultation and advice.  We will negotiate insurance terms for you directly with a variety of insurers which specialize in this coverage.

We can arrange cargo/transit policies that can cover goods worldwide at processing or storage locations with appropriate automatic increases in valuation as value is added to the goods.  Additionally, we can negotiate combination policies which may eliminate the need for value/shipment reporting.