A carrier refers to a company or individual who transports people or goods as a service. Carriers are responsible for the safe transport of their cargo, so they may be held liable for any lost or damaged property as stipulated in the contract of carriage. In the context of insurance, carriers or individuals can purchase various types of policies to cover the loss of or damage to goods in transit.
Carriers can often move incredible amounts of property. For example, a shipping company may move hundreds of millions of dollars’ worth of goods across the ocean on a container ship. Therefore, if something goes wrong, owners of the products stand to lose substantial amounts of money, and the company may be held liable. Therefore, various types of transportation, cargo, and business insurance policies exist to mitigate those losses for all parties involved.
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