Posts Tagged ‘cargo insurance’

Even the ‘bad guys’ need to have cargo insurance

Thursday, August 5th, 2010

The United Nations Security Council imposed wide financial sanctions on Iran. In order to push Iran to stop enriching uranium, the UN and the US requested that international financial institutions stop issuing cargo insurance for Iranian ships suspected of carrying weapons parts.

In order to prevent trading problems with the US and extensive paperwork, some of the most important cargo insurance companies from the West have been denying cargo insurance coverage to Iran, thus crippling its ability to ship and receive vital cargo. The sanctions penalize foreign companies that sell fuel and oil products to Tehran, so shipping companies and ports worldwide have been slowly reducing trading with Iran.  If companies deny cargo insurance coverage to ships carrying equipment, oil,  and other supplies, Iranian ships won’t be able to sail. According to Mohammad Rounaghi, deputy manager of Sea Pars, “Basically, most ports will refuse them entry if they are not covered for possible damages.”

Furthermore, in order to comply with the U.S. sanctions, Lloyd’s  and other important cargo insurers announced they won’t continue insuring  gasoline imports to Iran. Fuel suppliers in Europe and the Middle East are also stopping supplying gasoline for Iranian airplanes. BP also voided an agreement to supply fuel to Iran Air in Germany.

Under the new rules, shipping companies are also responsible for inspecting their transport and have to prove to the United States government that they were effectively inspected the cargo to make sure there are no ban products.  This will add a lot of work and paperwork to the transactions.

However, India and Russia declared they will continue negotiating with the Islamic republic.

Although the import of material has increased by 50 % in Iran, local business people worry about the future of trading with Iran. With the new shipping and tracking technology, it is more difficult to dodge the UN watch. The question is, how will goods and machinery get to Iran, and how will oil be shipped out if there are no ships?

Original Article By Thomas Erdbrink and Colum Lynch
Washington Post Foreign Service
July, 2010

Cargo Insurance Information

Sunday, May 30th, 2010

Cargo Insurance – Information about what it is

Cargo insurance is an insurance policy that protects you in the event off damage or loss to your cargo while being transported. It is meant to reimburse you in the event your cargo is lost or damaged. The goods listed on a cargo insurance policy would be covered while being transported via air, sea or land. This would include parcel post handled by courier companies.

Coverage Options

These are your coverage options to consider:

  • Total loss cargo insurance – As the name indicates, this policy covers against total loss/catastrophe of entire shipment.
  • All Risk – this type of insurance protects you against damage to your goods from physical, external cause including partial damage, catastrophe and theft.

What is the right amount of cargo insurance to purchase?

Traditionally, the coverage needed is based on a simple equation. The standard is to cover the invoice costs including freight plus a certain percentage above to cover your estimated profit. Usually, this amount will range from 15%-25%. The policy limit is typically the biggest shipment expected with the added freight plus the percentage of advance added.

One of the nice things about these shipment protection is that it can be purchased on an “as needed-pay as you go” basis. This is because all shipments can be reported monthly to a company and then invoiced at the completion of that specific month.

The best way to receive competitively priced cargo insurance quotes is to fill out the the simple form on We’ll search for the best matching policy for your needs, and will contact you with customized information.  The price will be based on variables such as  country of origin and destination,  mode of transportation, type of container, and the type of merchandise being insured.  Request a quick  cargo insurance quote today. – helping you sleep better at night

Sunday, May 30th, 2010 mission is to help you find the most cost efficient and reliable way to ship your cargo. By filling out our simple lead form, we connect you with cargo insurance professionals. They will be able to guide you on exactly how much cargo insurance you need.

We provide our users quotes from multiple insurance carriers and agents. Our partners can provide cargo insurance quotes on both domestic and international cargo shipping.

We hope this is the first of many times you visit Our goal will always be to help you find the best cargo insurance so you can sleep soundly at night knowing that your cargo is properly insured. Worldwide Coverage