What Does Trip Cargo Insurance Mean?
Trip cargo insurance is an all-risk insurance coverage that provides protection to the buyers or sellers of products, merchandise, or goods against loss or damage of the cargo during transport. The one who assumes responsibility depends on the specifications of the mutual agreement. However, exclusions include mold, dampness, wear and tear, war, losses due to shipment delay or market changes, war, and nuclear disaster.
Insuranceopedia Explains Trip Cargo Insurance
As cargo pertains more to the goods rather than the transporting, trip cargo insurance is of more relevance to the cargo owners, such as the manufacturers, wholesalers or suppliers. Trip transit insurance, on the other hand, is more for the couriers, forwarders and haulers who do the transporting.