What is Logistics Insurance?

Logistics is about resource management, transporting and storing of materials in any business. Whenever the resources of business are sent from one place to another, they are exposed to unlimited numbers of risks- natural as well as situational. The goods sen to international locations are more prone to unknown risks that are new to the country of origin. In such a condition, it becomes essential for the exporter or the company who is sending its goods/products to other place to insure the cargo. This insurance for protecting the commercial goods is known by many names- logistics insurance, freight insurance, cargo insurance and goods insurance. This can be a seller insurance or a buyer insurance. The cargo owner can also decide not to insure the freight on own risk but only when it is permissible by the trade terms. Know more about logistics insurance and about goods that can have such insurance as well as about logistics insurance provided by the transportation companies and what are the conditions for getting such cargo insurance. Read all this in "Logistics Insurance"

Also read "Cargo Insurance and Export Insurance - A Comparison" to make out the difference between the two.

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Types of Moving Insurance

Moving your household goods from one place to another always involves a certain amount of risk. Therefore, one should always buy a proper insurance policy during relocation. An overview of various types of insurance coverage is given here for general understanding.

Full Replacement Value Coverage: This insurance coverage protects your household goods for their full replacement value. Full replacement value means the amount which is the exact cost needed to purchase a replacement for the damaged item regardless of the damaged item's age. Sometimes a deductible is applied here. However, any money can be deducted only if it is stated in the contract signed with the moving company. Most of the policies require the entire load be covered and not just specific items.

Standard Coverage: Moving companies are abide by law to provide a minimum amount of free coverage. It is the amount that the client receives per unit of measurement ( pound/kg as mentioned in the contract) of damaged goods. It is the bare minimum coverage and doesn't pay much if something is significantly damaged.

Storage Extension Coverage: If a client's belongings have to be kept in storage, there arises the need to purchase extra insurance. However, if someone already has a moving insurance, this can generally be extended. it is termed as storage extension coverage.

Transit Insurance: This type of insurance covers the household belongings while they are in transit- on the way from the old location to the new destination.

Total Loss: It is a restricted insurance for the household goods based on complete loss of belongings.

One should always check the details of the insurance policy. Purchasing insurance is not enough, one should always know how to file a moving insurance claim to be able to recover from damage, if one happens during the moving process.

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