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What is Shipper’s Interest, and What Makes it Different?
What is Shipper’s Interest, and What Makes it Different?
Shipper’s interest cargo insurance is a term used to refer to an open cargo insurance policy that a transportation intermediary obtains to help cargo owners procure coverage on a shipment-by-shipment basis. The key difference is that transportation intermediaries, such as freight forwarders and NVOCCs, offer it to their shipper clients.
Shipper’s interest is part of traditional marine cargo insurance in that it covers the cargo owner from a variety of hazards, including fire, theft, and damage. However, shipper’s interest insurance has a few key differences that make it attractive.
- Shipper’s interest is usually offered on a per-shipment basis instead of annually, like marine cargo insurance.
- Shipper’s interest may turn out to be more affordable than marine cargo insurance because intermediaries can often negotiate lower rates.
- Shipper’s interest may offer a simpler procurement process than traditional marine cargo insurance.
All of these benefits make shippers’ interest a great option for those who need affordable, reliable, and flexible cargo insurance.
Why do intermediaries offer shipper’s interest? For intermediaries offering their cargo owner clients access to insurance on their shipments is a mark of professionalism, and it provides the cargo owner with the best possible coverage for their financial interest in their cargo that is in transit.
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