Port Miami in Miami-Dade County, Florida, is famous for being the Cruise Capital of the World, but did you know it’s also known as the Cargo Gateway to the Americas? Miami’s location makes the port easily accessible to markets in the Caribbean and Latin America, as well as routes to Europe and Asia through the Panama Canal. All that cargo needs to be insured. Hence, an interesting niche market has developed for marine cargo insurance in Miami.
People or companies that are transporting goods by ship purchase marine cargo insurance to protect themselves from loss in case something happens to the goods while in transit. Shipping cargo is generally reliable, but there are also considerable risks. The cargo could be lost, damaged, or stolen in any number of scenarios. Potential problems range from pest infestations in the ship to a confrontation with pirates out on the open sea.
Damage or complete loss of a shipment can have a significant financial effect on an individual or company. There are different types of marine cargo insurance with varying levels of coverage. Insurance brokers are great resources for determining the appropriate coverage for a particular company or shipping situation. Insurance brokers can sell coverage from multiple insurance companies, so they can examine a large array of options and recommend the most appropriate choices.
Port Miami is one of the most powerful economic engines in Miami-Dade County, with an astounding amount of cargo moving through it every day. As the port continues to thrive into the future, so will marine cargo insurance in Miami.