Whether you are moving valuables abroad because you are changing locations to live in or international package shipping is a part of your daily business, it’s advisable to get package or parcel insurance when shipping any item abroad.
But what is insurance for international shipments? Is it worth it and how many different types of insurance can you choose from?
In this article, we answer these questions so that you can have greater peace of mind when sending goods abroad.
Types of insurance for international shipments: what you need to know
When it comes to shipping items abroad, whether for personal or business reasons, you need to be aware that although unlikely and very rare, accidents can happen.
Goods can be lost, stolen or damaged while in transit.
And the last thing you want is to say goodbye to your grandmother’s antique vase or your electronic item shipped to a customer without any compensation whatsoever for it.
That’s why you need insurance for your international shipments.
Yes, it’s true that accidents while a shipment is in transit – whether by ocean or air freight – are far and few in between.
However, they can happen and you need to have a solid plan in place in the event of theft or damage.
But what types of insurance options can you choose from? Below, we have identified some of the most common ones so that you can make an easier decision going forward. Here’s a non-exhaustive list of what you can expect.
- All risk: this type of insurance covers all your goods from any sort of potential catastrophes.
- Named perils: here, you are only covered for possessions that you specifically name prior to the shipment.
- Total loss only: this applies when an entire vessel and its cargo contents are lost
- Single coverage: with this type of insurance, you are only purchasing insurance that covers a one-time shipment
- Open coverage: open coverage deals with insurance coverage of multiple shipments over a specific length of time
- General average coverage: your joint costs for the insurance will be paid out in the event of any or all cargo on a ship is lost
- Warehouse-to-warehouse coverage: this means that your goods will be insured from the moment when your goods enter the first warehouse to the moment when you pick them up from the destination warehouse.
Can I add insurance to an international package?
Now that you know what kinds of insurance types are available and that insurance really is worth it, it’s important to also determine if you can add insurance to an international package.
The short answer is “yes”.
However, you first need to decide what you are sending over and then determine its value.
You can change the type of insurance you select for your shipped item at any time before its departure.
However, once it is on its way out, no further changes are possible.
What is insured worldwide shipping?
And finally, we come to the question of what is insured worldwide shipping.
This is a type of shipping that is insured when you send parcels to multiple destinations around the world.
Every shipping provider will have different rates and terms and conditions for the nature of the insurance so it is worth checking that out and making sure beforehand what your insurance covers.
Whether you opt for international express shipping or standard shipping, it’s always worth it to get insurance, especially for high-value, rare items.
However, it’s worth noting that you are unlikely to get insured for items that are considered restricted or prohibited.
Choose your insurance cover carefully and if you need some assistance, don’t hesitate to get in touch with us.
Don’t hesitate and get in touch with us today!