Have you insured your investment before it leaves China?
Freight insurance protects shippers by utilizing a company to provide a guarantee of compensation for specified loss of their cargo during the logistics process. In the event a shipment is lost, stolen or damaged, shippers can use their insurance compensation to recuperate their losses.
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Insuring your cargo plays a vital role in the long term success of your business’s supply chain. With constant unknowns as your cargo moves from origin to destination, neglecting to insure your shipment could be disastrous for your business.
Catastrophe happens, and if your products are not adequately insured, it can be difficult to reclaim the full value of your products. China Freight insurance can protect you against theft, damage during transit, rough handling, exposure to elements, and vessel accidents.
The risks that can occur during transit can be impossible for shipping customers and freight forwarders to control. It can be challenging to hold shipping carriers liable for their mistakes, which is why the importance of protecting yourself is paramount.
Insurance for land, air, and sea; marine cargo insurance can shield your shipments from a wide variety of accidents, theft, and natural disasters.
Single coverage is excellent for those shipping on a per-shipment, irregular basis. This coverage option is a cost-effective way to insure your cargo anytime it gets shipped.
Ideal for customers shipping consistently, open coverage plans offer a great way to get coverage for all shipments on an annual basis.
All-risk coverage will protect your cargo from all potential threats. While restrictions apply, this type of insurance is similar to a full-coverage plan.
Named Perlis Coverage
For insuring against the notable risks, named perils coverage can protect freight from non-delivery, collisions, bad weather, theft, and acts of God.
General Average Coverage
For ocean cargo, in the event the vessel has problems at sea, all cargo owners must share in the cost of recouping losses. General average coverage insures you against this liability.
When cargo needs to be in a warehouse, this type of coverage can help protect you against losses incurred while your products are stored.
While shipping carriers are often required to hold valid insurance, most vessels do not insure the cargo aboard or are not liable for the cargo’s full value. No industry is perfect, and due to the probability of risk during transportation, insurance can always be a viable option for shipping customers hoping for complete peace of mind throughout the shipping process.
The Guided Imports logistics team does everything to ensure the smooth movement of all of our customer’s cargo. Risk factors out of anyone’s control exist, and we strive to do everything within our power to advise our customers on ways they can further protect their cargo and their business.
It is never a good thing when an insurance claim needs to be filed. While freight insurance is meant to cover the cargo’s cost, the total losses can be higher for a business. We offer insurance options that can increase the insured value.
Most basic cargo insurance plans cover the cost of the products, not the MSRP value. Most shippers opt to increase their coverage between 10 and 30%.
Freight insurance from China is an inexpensive piece of coverage that will save any business when taking advantage of it. We have built our business by developing practices that make shipping from China seamless and stress-free. While we believe our shipping track record can speak for itself, the law of averages tells us, mistakes in transit are bound to happen.
Guided Imports recommends all customers to obtain an insurance policy on any shipment they cannot afford to lose.
Over 500 businesses of all sizes trust us.
When filing a claim, our insurers will work directly with you to assist with the filing. We rely on insurance agents at the cargo destination to facilitate the process with our customers and work with them directly to file all claims.
Rest assured, if disaster strikes, your agent will be located in your country, and not in China.
Get started with our logistics experts so we can provide you with a quotation today!
The cost of insurance differs based on the type of policy the shipper is requesting. Our insurance agents will calculate the value of the shipment, and take a small percentage of the total cost. For basic plans, this can be as low is a small fraction of a percent. You may receive quotations in the low single-digit percentiles for policies requiring more coverage or riskier cargo.
Overall, China freight insurance is an inexpensive strategy to protect against catastrophe.
The time it takes to receive an insurance payout largely depends on the reason for filing the claim. The overall process is almost always very straightforward and efficient.
In the event a claim needs to be filed, we will assist you with calling the agent in the destination country to begin filing procedures. An insurance agent will reach out to you and possibly meet with you or your cargo for further inspection.
During this process, they will conduct their investigation, review your case, and file your claim. We will need to hand over all documents, such as the Bill of Lading, invoice, and the packing list. If the insurance company has any follow up questions, they may reach out to you during this process. Once their procedure is complete, they will pay your claim.
We’ve seen this process take as little as 30-days and as long at 3-months. It all depends on the circumstance.
This largely depends on the policy. An All-Risk coverage will cover much more than the Named Perlis coverage. It is essential to discuss what you would like coverage from when working with us to obtain an insurance policy.
Some policies will not cover against the following:
Guided Imports is not the insurer, not the insurance agent. We have partnered with a variety of insurance companies capable of providing insurance options.
Our goal is to understand your needs, and convey them to one of our preferred agents, so they can generate a policy that is right for you.
Absolutely. While we will always strive to offer solutions to ship your cargo, if you are looking for an insurance quotation, we would be more than glad to assist you.
When choosing an insurance policy, two crucial components to take into consideration are INCOTERMS and policy coverage.
If you’re shipping via FOB, then there is a good chance your freight is insured the moment it is loaded on to the vessel because that is the time the cargo ownership is transferred over to you.
When shipping freight out of China, Guided Imports has had the best experience with Ping’ an and China Pacific Insurance Company. Both of these Chinese insurance companies are the largest in China and have a strong track record of insuring freight leaving China.
While we may work with others if our customers have unique requirements, most shipments we assist in getting insured are through these two firms.
This is a common misconception which we work hard to clarify. China freight insurance covers the cost of the cargo and not the assumed sales value.
When obtaining a shipping policy, and filing a claim, the insurance agent will look at the shipping invoice to identify its value. Since a shipping invoice states the cost of the goods from the factory, this will be the amount paid out.