Cargo is multimodal: Truck, rail, air and sea. Each carrier limits their own liability to a different level of exposure. Without cargo insurance, when a claim arises the shipper can only recover as much as that carrier’s limit of liability. Under these circumstances, shippers should expect to only recover a fraction of the cargo’s value and shipment costs.
An open cargo policy issued by a logistics company protects the shipper’s financial interest. These policies can be issued on a per shipment basis or through a policy tailored to a shipper’s particular supply chain. Factors such as shipping countries, commodities and past claims history give IB&M the chance to offer a better-than-market rate for a particular shipper’s interest.
Our Marine Express platform allows our clients to quickly request coverage quotes, create and issue certificates, and begin the claim filing process. For shipments moving under letters of credit, we offer a friendly interface to meet the unique credit requirements of banks.
Templates can also be created to speed the issuance process for repeat shippers.