Profit is the primary purpose of business. A good business model includes customer service, quality assurance, knowledge management, advertising, and insurance from potential risks. Insurance is a complicated enterprise and demands expertise in the area being insured. In the transportation trade, there are many specialized types of liability insurance to cover assets.
- Liability of the packers prior to transportation
- Liability of the transportation company or individual
- Liability of the storage space for assets
- Liability of the logistics companies organizing the transport of assets
Four Things To Know About Contingent Cargo Liability
- Contingent means dependent on chance. Contingent cargo liability is an obligation of third-party logistics companies to pay for loss or damage of goods if the carrier’s liability insurance does not.
- Third-party logisticians, or freight brokers, are the second target for claims from asset owners if property is damaged and the carrier’s insurance does not pay.
- Contingent cargo liability insurance protects the freight broker by paying to defend against claims from the asset owner or by paying the claims if the broker is determined to have legal liability.
- It is important to consult an expert in the field of cargo transportation insurance when shopping for this type of liability coverage.
Goods transport can be a profitable industry when companies take the time to secure themselves against liability. Good insurance is one of the keys to good business.