Types of Losses or claims

There are four main types of cargo insurance claims:

1. Damage claims: These are the most common type of cargo claim and occur when the shipment is damaged during transportation or storage. Damage can be caused by a variety of factors, such as weather conditions, accidents, and mishandling.
2. Loss claims: These claims are filed when the entire shipment or a portion of the shipment is lost. Loss can be caused by theft, pilferage, or misplacement.
3. Shortage claims: These claims are filed when the shipment is delivered with fewer units than were originally invoiced. Shortages can be caused by theft, pilferage, or shipping errors.
4. Concealed damage or shortage claims: These claims are filed when the damage or shortage is not discovered until after the shipment has been delivered. Concealed damage or shortage can be caused by factors such as poor packaging or improper loading and unloading.

In addition to these four main types of claims, there are a number of other types of cargo insurance claims that can be filed. For example, claims can be filed for:

• Contamination: This occurs when the shipment is contaminated by a foreign substance, such as chemicals or hazardous materials.
• Spoilage: This occurs when perishable goods spoil during transportation or storage.
• Delay: This occurs when the shipment is delivered late and the insured suffers financial losses as a result.
• Loss of market: This occurs when the shipment is lost or damaged and the insured is unable to sell the goods at the original market price.

Cargo insurance claims can be complex and time-consuming to process. It is important to work with your insurance company to file a claim and to provide all of the necessary documentation.

Here are some tips for filing a cargo insurance claim:

• Notify your insurance company as soon as possible. The sooner you file your claim, the sooner the claims process can begin.
• Provide all of the necessary documentation. This includes the bill of lading, the commercial invoice, and any other documentation that supports your claim.
• Be prepared to cooperate with the insurance company’s investigation. This may involve providing additional documentation or answering questions from the insurance company’s investigator.

By following these tips, you can help to ensure that your cargo insurance claim is processed quickly and efficiently.