For companies or individuals who do not require frequent shipments. Coverage is arranged for each individual shipment of goods and coverage ends once the goods have been delivered.
An example would be coverage on a vehicle being imported from overseas – from the car lot in Miami until arrival at the seaport in Nassau.
For companies who, by the nature of their business/activities, import and export goods on a frequent basis. Cover is arranged on an annual basis and the premium is calculated on monthly declarations provided by the insured at a rate agreed depending on the information outlined below.
The cost of this type of coverage is determined by various factors relating to the goods being transported:
- Originating and final destinations
- Shipping carrier(s) being used
- Packaging used
- Whether any transshipment is involved