Freight Forwarders Package Policy

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Freight Forwarders Package Policy Advantage

Covers Liability
This package policy provides comprehensive coverage against the legal liability arising from physical loss, cargo damage and damage to the vessel owned by sub-contractors. This policy can also pay for consequential losses and business interruption arising from these issues. Also any fines or duties arising due to legal liability will be taken care by the policy.
Contingent Cargo Coverage
Covers your cargo or shipments being transported by any or all modes like air, sea, road and rail movement under one sum insured. It will indemnify and defend you for customer’s loss or damage to cargo where there is an allegation of liability for choice of carrier or for perceived failure to carry out due diligence in ensuring that the carrier has adequate insurance coverage. In this way you will provide the comprehensive coverage to your business. The policy will pay for the liabilities to the authorities like Customs, Port Authorities for any breach of regulations.
Various extensions available
This policy comes with various extensions which can be covered by paying an additional premium. The errors and omission extension would cover the liability arising due to the negligent act by the insured, agents or sub-contractors. The third party liability extension would cover the bodily injury or physical loss or damage to the property. Warehouseman’s Legal Liability extension provides specialized coverage for cargo liability of an operator of a public commercial storage or distribution warehouse. Motor Truck Cargo Liability extension (MTCL) provides coverage for carriers’ liability for physical loss or damage to goods carried on their owned/leased vehicles. MTCL insurance provides coverage for liability against the risks of direct physical loss to covered motor truck cargo while in transit and during loading or unloading
Cover your business
Cover all the services offered by you including haulage, storage, distribution, product configuration, packaging and cargo tracking. With this also protect your property from fire, explosion and other natural perils; and your employees from any casualty under the Workmen Compensation Act, 1923 and Fatal Accident Act, 1855.

Why Claims Get Rejected?

Non-disclosure of information

Claims that come about from an issue that was known before the insurance was bought are rejected. Further it can make the policy void due to non-disclosure. This can be addressed by clearly describing any known issues when you buy your first policy

Failure in Renewal

Claims pertaining to a period before the retroactive date are not covered. If there is a break in the renewal of the freight forwarder insurance then the retroactive date is reset to the start date of the new insurance. Ensure timely renewal and carry forward of retroactive coverage.

Inadequate Packaging

Claims are often rejected if packaging material was sub-standard or not customary. This can be contentious in claim settlement. A good practice is to declare packaging upfront and agree with the insurer that this is sufficient.

Why SecureNow

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Cost-effective
Insurance

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Quick Turnaround

Cover notes are issued within hours of request. This documentation is sufficient for any contractual requirement.

Strong Claim Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value Added
Services

We will advice you on risk management best practices.

Policy Administration
System (PAM)

See all your contracts renewal information in one place. Place service requests on PAM.

FAQs

Freight forwarders package policy provide wide range of cover to mitigate the risk to the valuable cargo. This policy is developed specifically for freight forwarder and covers several risks unique to their operations and industry
This policy can be taken by freight and logistics operators, record management companies, Relocation companies, warehouse keepers, road carriers and custom house brokers.
The sum insured is determined on the basis of the market value of the cargo at the place of the receipt of the cargo for carriage. The market value is determined on the basis of cargo sales documents or the market price at which it is possible to buy the cargo in the open market at the place of receipt of the cargo.
Freight forwarder insurance policy covers legal and contractual liability made against the business, errors and omissions, custom fines and dues, liability towards third party and uncollected cargo costs.
The common exclusions under the policy are violation of policy terms, negligence of consignor and financial default or insolvency

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