Cargo Insurance and Response to Loss or Damage
Reviewing cargo insurance and preserving evidence when loss or damage occurs.
Incoterms identify points of cost and risk transfer, but cargo insurance is not automatically included in every transaction. Review insured risks, exclusions, deductible, insured value, transport legs, and product susceptibility to damage.
Inspect outer packaging and goods on arrival. Record visible exceptions on the receipt and preserve photographs or video. Notify the carrier and insurer and confirm survey and claim procedures before disposal, repair, or repacking.
What to prepare
- Risk-transfer point under the Incoterms
- Party arranging insurance and named insured
- Covered journey, risks, exclusions, and deductible
- Invoice amount and insured value
- Pre-shipment photographs of packing and goods
- Delivery receipt and evidence of damage
- Carrier and insurer notice or claim deadlines