contingent cargo liability
Since global transportation isn’t regulated by any single set of laws, the potential for convoluted legal issues between cargo owners, the product broker and the carrier is very high.

Why You Need Contingent Cargo Liability and How to Help Clients Get Insured

Since global transportation isn’t regulated by any single set of laws, the potential for convoluted legal issues between cargo owners, the product broker and the carrier is very high. As a product broker, you are in the unique situation to make sure that your clients are insured, and that they understand the risk of not being insured in this unstable industry. For example, you need contingent cargo liability coverage because it’s very common for carriers’ insurance policies to not be able to sufficiently cover a cargo owner’s claim. Cargo owners will then typically follow up and press charges against you since you are the next step in the supply chain, and you need to be insured in the event that you have to cover your clients’ lost or damaged property. However, if you make sure that your clients have as good of an insurance plan as you do, then all of the involved parties will be much safer and none will face catastrophic financial loss for accidental damage. The variety of policies and insurers in the unregulated trade insurance industry doesn’t make this situation any simpler, hence the need for a skilled and very experienced broker or team of brokers who specialize in the industry and can get you exactly the coverage that you need at an excellent, very affordable rate.

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