The Difference Between Freight Insurance and Cargo Insurance: What you need to know If your business is engaged in shipping goods abroad, you need to be very much aware that there is a difference between cargo insurance and freight insurance. Many people...
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The Difference Between Freight Insurance and Cargo Insurance: What you need to know If your business is engaged in shipping goods abroad, you need to be very much aware that there is a difference between cargo insurance and freight insurance. Many people assume that the two things are the same, but nothing could be further from the truth. When you ship goods abroad, either by sea or by air, they are not automatically insured against loss or damage. In order to be fully covered, your shipment needs to have both forms of insurance. Freight insurance in the UK alone will not cover the value of your goods. You need to have cargo insurance for your goods because freight insurance only covers the freight forwarder. The rules for the sale of goods around the world, including shippers’ liabilities and responsibilities, are governed by the International Commercial Terms of 2020, commonly called incoterms®. The following are the three incoterms® that generally apply to international sales agreem
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