Cargo Liability Insurance
Definition - What does Cargo Liability Insurance mean?
Cargo liability insurance is an insurance policy that protects a carrier in the business of transporting goods, as evidenced by a contract of carriage, against liability for loss or damage to the goods of their customers.
Insuranceopedia explains Cargo Liability Insurance
Cargo liability insurance is insurance policy purchased by the owner operator of a truck, train, or ship who is in the business of transporting goods from one point to another through a contract of carriage. This policy protects the owner or operator from any liability of loss or damage to the goods while transporting the goods. In other words, the insurer would pay the consignor or the sender of goods a certain amount in case the goods were lost or damaged in transit and before it reached the agreed destination.