CARGO INSURANCE COVERAGE
Magaya Cargo Insurance
Ensure every shipment is adequately protected. It’s easy with cargo insurance from Magaya Insurance Services.
COVERAGE
TYPES
KEY
BENEFITS
FREQUENTLY ASKED QUESTIONS
RELATED
RESOURCES
Cargo Insurance Coverage Your Way
Discover the Magaya Insurance Services difference with cargo insurance – at your fingertips! You can easily request cargo insurance certificates for nearly any type of shipment in only a few clicks with an online self-service portal.
Prefer to speak with someone? Our friendly, knowledgeable licensed insurance agents are only a phone call or email away!
All Risk Coverage
Comprehensive all risk coverage is the most widely favored choice among freight forwarders and logistics service providers, offering a robust safeguard against an extensive array of perils or risks that might lead to cargo loss or damage.
This inclusive option typically encompasses risks such as theft, accidents or mishandling damage, fire, natural disasters, and various other unforeseen events that could potentially result in cargo loss or damage.
However, it is crucial to bear in mind that the term “all-risk” does not imply coverage for every conceivable risk. The policy usually specifies certain exclusions and limitations, which may include intentional damage, inherent vice (the natural characteristics or qualities of the cargo that may cause its deterioration), improper packaging, delay, or loss of market. Our licensed insurance agents are happy to work with you to ensure your policy adequately protects your business.
Free of Particular Average (FPA) Insurance
In contrast with all risk coverage, free of particular average (FPA) insurance tends to be more limited in scope, covering losses caused by perils or accidents that are significant in nature, such as a ship sinking, grounding, or collision.
FPA insurance does not cover partial losses or minor damages that are considered minor. The term “free of particular average” implies that the coverage will only apply to losses exceeding a certain threshold or specific percentage as stated in the insurance policy.
Businesses may choose between FPA and all risk coverages based on their specific needs, the nature of the cargo being transported, and their risk tolerance. It’s a good idea to consult with one of the licensed insurance agents at Magaya Insurance Services for a personalized policy review.
Fast, Easy Access to the Cargo Insurance You Need
With so many options on the market, why get your cargo insurance certificates from Magaya Insurance Services? Here are some key benefits.
We Know Cargo
With decades of experience serving freight forwarders, shippers, beneficial cargo owners (BCOs), and logistics service providers, the Magaya Insurance Services team has deep knowledge of the unique needs of the industry.
Easy, Self-Service Options
You can easily request your cargo insurance certificates online from Magaya Supply Chain, with an online self-service portal, or by contacting us. Declarations are generated and saved in your Magaya Supply Chain system.
Your Own Insurance Concierge
We take pride in offering concierge-level service. Whether you want to conduct a personalized policy review, need assistance with a claim, or want to purchase a nee certificate, you can count on fast, attentive, concierge-level service from Magaya Insurance Services.
Frequently Asked Questions About Magaya Cargo Insurance
Click on the + next to each question to display the answer.
Still can’t find the answer you’re looking for? We’re always happy to assist! Just contact Magaya Insurance Services and we’ll connect you with licensed insurance advisors.
1. Is cargo insurance enough? Or is there other insurance coverage needed by freight forwarders and logistics providers?
As a logistics service provider like a freight forwarder, NVOCC, 3PL, warehouse operator, or customs broker, you likely require other types of insurance coverage to adequately protect your business. For instance:
- Bonds and Surety: If you handle cargo shipping to or from the United States, bonds are required by the Federal Maritime Commission.
- Commercial Automotive Insurance: Any vehicles used for commercial use, like trucks, cargo vans, or other specialized vehicles, need to be protected with commercial automotive insurance.
- Commercial Property Insurance: Protect your warehouse and office space from perils such as fire, theft, natural disasters, and more.
- Directors and Officers Insurance: Directors and officers (D&O) liability insurance safeguards your directors or officers from personal claims made against them relating to their business decisions.
- Errors and Omissions Insurance: Errors and omissions (E&O) insurance protects your business in the event a client holds you accountable for a poorly provided service or for any service you were unable to provide.
- Liability Insurance: Liability insurance provides financial protection to you and your business in the event you are ever held legally responsible for causing harm or damage to someone else.
- Workers’ Compensation Insurance: Workers’ compensation insurance, more commonly referred to as known as workers’ comp or workman’s comp, provides benefits to employees who suffer work-related injuries or illnesses.
2. Does cargo insurance expire?
The duration of cargo insurance coverage varies depending on the specific policy and the terms agreed upon by the policyholder and the insurance provider.
3. How do I file a cargo insurance claim?
If cargo is lost or damaged during transit, the policyholder can file a claim to receive compensation for their losses or damages.
4. Do I need Magaya Supply Chain to purchase a cargo insurance policy from Magaya Insurance Services?
Magaya Insurance Services offers insurance coverage to all types of businesses! You do not need to be a Magaya Supply Chain user.
5. What types of shipments can be covered?
Magaya Insurance Services can insure a broad range of goods with highly-competitive rates and wide geographical limits. Contact us to discuss your specific needs.
6. How do I purchase a cargo insurance policy?
Cargo insurance can be purchased from Magaya Insurance Services by contacting us or using our online portal.
Related Resources
What Every Freight Forwarder Needs to Know About Subrogation in Insurance
This time-saving CRM solution eliminates redundancies and encourages collaboration across sales and operations teams with greater visibility, streamlined processes, and built-in business intelligence.
Navigating the Storm: How Freight Forwarders Can Prepare for Hurricane Season
In the dynamic world of freight forwarding, so many factors can impact the smooth flow of goods from one location to another. Natural disasters such as hurricanes represent some of the most significant and unpredictable of these challenges.
Supply Chain Vulnerability: Identifying and Mitigating Risks in Your Operations
In today’s interconnected world, supply chains have become increasingly complex, making them vulnerable to various risks and disruptions.
Supply Chain Resilience: 10 Ways to Prepare for the Unpredictable
Not sure if your supply chain processes can deliver the resilience needed to weather future storms? Seeking ways to be more prepared for unpredictable supply chains? These 10 strategies can help.
Let’s get started! We’ll show you how.
Request a cargo insurance quote and we’ll show you why Magaya Insurance Services is a great choice for your coverage needs.