The transportation industry requires an abundance of protections to ensure successful operation. One such protection is bill of lading insurance, which is extremely useful to freight forwarders and other logistics specialists tasked with arranging the transport of client freight.
Who Needs Bill of Lading Insurance?
When it comes to transporting freight, legal liability extends to all involved parties. If freight becomes damaged at any time, even those not directly involved in the handling process can be left vulnerable provided they are included on bill of lading documentation. In some cases, limitations of liability previously agreed upon can be overruled, and may not apply in every individual circumstance.
What Type of Protection Is Afforded?
The total shipping process can get quite complicated thanks to the many considerations. That’s why bill of lading insurance provides coverage to numerous entities involved in the transportation of goods. These include:
- Domestic Forwarders
- Indirect Air Carriers
- Non-Vessel Operating Common Carriers (NVOCC)
Because situations may vary greatly, it’s best to work with an insurance company that has extensive experience in the transportation field. This will allow clients to tailor an insurance policy suited to their specific circumstances, while also addressing any risks that may arise.
Workable Solutions for Your Transportation Needs
No matter your position in the logistics field, being prepared is an essential part of a job well done. Such preparation must include selecting appropriate insurance from a company well-versed in the many intricacies associated with the transportation industry.