Transportation Insurance Certificate: Costs, Types and MORE

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In earlier times, most people headed to other states in the country or other countries where products are cheaper. However, through the years the dynamics of trade has varied greatly, due to the fact that there are companies that are exclusively dedicated to shipping products from one state or one country to another. But, it is possible that damages occur on the way, to avoid the loss you can acquire your Transportation Insurance Certificate.

The document works like any other insurance, it is intended to cover losses in the event of an accident. In these times, insurance is very simple and there is insurance for everything, but it is up to us to hire them or not.

It is important to avoid possible losses whenever possible, take out the insurance and do it.

How to Obtain the Certificate of Transportation Insurance?

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It is very common these days, that companies that offer the service of transportation of products nationally and internationally. Also, offer transportation insurance service. Therefore, it is up to us to hire a company that not only offers the best transportation service, but also insurance.

The policies or the price of the insurance will depend on the valuation of the risk and the value of the product transported. Because insurers offer a policy that adapts to the risk they are accepting.

To obtain the certificate, you simply have to accept the terms and conditions of the insurance contract at the time of sending any good or merchandise, you must also deliver a detailed inventory of the objects sent. In order to accept the insurance contract, you must make the payment of the respective policy.

The cost of the policy will always be much lower than the value that the company will pay you in the event of a claim. After paying the policy, you must withdraw the Transportation Insurance Certificate and the invoice.

What to do in case of claim?

The claim process is the one that tests the quality of the insurance, because the efficiency of the insurer is seen when they have to take over or cover the assets that were insured. In the event of an accident, we suggest you take the following measures:

  • The first thing is to review the merchandise in detail once it reaches us.
  • In case of observing any damage, we must notify the shipping company.
  • They will request the invoice, the Transportation Insurance Certificate and a detailed description of the inventory.
  • Also, you must provide a letter explaining the loss or what happened to the shipment. This is usually done by insurance brokers.
  • After that, the insurance company will evaluate what happened and cover the goods.

Depending on the response time, you will know if the quality of the insurance is good or not. The best insurance, you tend to have short response times and also, they usually pay for the coverage very quickly.

You should also bear in mind that when we talk about a claim, we are not referring to a claim as such, but to the fact of letting the company know that some partial or total damage occurred to the merchandise. Because, as clients, we must know that if we do not insure it is because we are facing some possible risk.

Cost of the Transportation Insurance Certificate

As you may have seen earlier in this article, the costs of insurance policies vary greatly depending on the objects transported, the length of the trip, the type of trip and more. Despite them, the companies that offer the insurance service have certain fixed fees that could serve as a reference.

In general, physical damage insurance costs between US $ 100 and US $ 140. These are dedicated to covering the damage or theft that the products may suffer during the trip.

There are also cargo insurance that covers any type of damage, but they deserve deductible expenses. That is, they will be reimbursed in the event that a claim does not occur. This type of insurance usually costs approximately US $ 50.

Despite having this reference, you must bear in mind that all insurance contracts are different. Because all shipments and products sent are different, but these previous insurances can serve as a reference.

Is the Transportation Insurance Certificate Mandatory?

Depending on the shipment you want to make, there is an obligation under the Law, usually companies that make national and short shipments, such as delivery. The latter, do not require in a mandatory way to grant an insurance service.

However, companies that ship very long nationally, that is, from one state to another. They have the obligation to provide their clients with an insurance service on the merchandise transported, because they must give the clients the possibility not to assume the risk.

In this way, companies that make international shipments with greater reason must obligatorily offer an insurance service. It is important to note that despite the company being obliged to offer it, the client is not obliged to contract it.

Despite not being obliged to contract it, it is always recommended, because if we buy a good in another country, surely it is very precious or very valuable. Therefore, we must hire a good service that will replace the good and its value, in case the loss occurs.

Types of Transportation Insurance

To introduce the types of insurance, we must first highlight the different means by which goods can be transported. Depending on the means of transport, the risk of loss will be greater, therefore, the value of the policy must also vary.

In the shipping business, they can be done by sea, air or land transport. By any of these means, you will have the possibility of contracting a type of insurance that best suits your needs.

Types of insurance

Insurances are classified according to the percentage of coverage they offer on the goods, the quantity of goods transported and their value:

  • Open Insurance: this type of insurance is characterized by insuring the package throughout the entire trip, including transfers, checks and others. It is responsible for covering the shipment from its issuance to the final delivery.
  • Floating Insurance: it is a little more complete insurance, because it covers a certain amount of products that are sent to different sites. Therefore, it implies a greater volume, quantity and value of goods.
  • Fortait or Limit Insurance: this insurance is characterized by partially covering the value of the goods sent. That is, it covers the assets up to a certain limit, so your policy is usually cheaper because the insurer does not acquire all the risk.

Depending on the type of trip, the percentage of coverage and the quantity of products sent. The company will offer one type of insurance or another, of course, they all have different costs. Keep reading!

What is the Certificate of Transportation Insurance?

Before explaining what this document is, it is important to clarify what insurance is as such. Insurance are services provided by certain companies, which are willing to take the risk that we do not want. But for them to assume it, we must pay a policy.

The policy is nothing more than the price, for which an insurance company is willing to take a certain risk. Of course, depending on the risk and the loss that this entails, the price of the policy will vary. In that sense, an insurance policy for a car will not be worth the same as that of a truck or an airplane.

For almost all possible claims there are companies that offer insurance. In this particular case, talking about the new trend in product shipments and home shopping. It is possible that during the shipping process, an event may occur that could damage or completely damage our merchandise.

However, to have certainty and total security that we will not lose our purchase and our products. We must take out insurance and acquire the proof or Transportation Insurance Certificate. It is the only way to know that we do not have a risk of loss during shipping.

This type of insurance is usually contracted when shipments are very distant or when the material is very expensive. When international shipments are made, insurance is usually contracted and there are even companies that to make the shipment require the customer to hire the extra insurance service.

The insurance contract is not usually mandatory, but it is up to us to evaluate the possibilities of an accident occurring. But also, the value of the product associated with the probability of loss. We must evaluate well and make the best decision.

It is always advisable to be insured and thus avoid possible losses.

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