What is International Shipping Insurance?
Also known as marine cargo insurance, international shipping insurance or international moving insurance covers your goods in case they should be damaged or lost while shipping via ocean, air or land. Regardless of how experienced and professional your international movers are the risk of damage or loss is always a possibility, which is why we highly recommend getting full coverage for your shipment.
If you have any questions about international shipping insurance feel free to contact us, we’d love to hear from you and make your move as seamless and stress-free as possible.
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Shipping Insurance Providers
Household shipping insurance can be obtained from several different sources, including:
- Your international shipping company
- Direct from an insurance company
- From a marine insurance broker
- Your employer’s shipping insurance company (for corporate relocations)
Hunting for international shipping insurance for household goods can be a daunting task, so it’s always best if you can speak with your shipping agent to discuss your options. Some international movers offer shipping insurance while other customers may wish to use an outside provider for insuring a container. The coverage options you choose will depend on your specific situation—where you’re moving to, how you intend to ship, the value of your goods, etc. Continue reading for tips to consider while shopping for insurance.
Types of Insurance Coverage on Shipments
Here is a list and brief description of different types of household shipping insurance.
All Risk Shipping Insurance
With this type of coverage, the insurance company must repair or replace any goods that have been damaged due to just about any types of hazards—fire, theft, breakage, water damage, loss, etc. The only exceptions when insuring a container through this method are those excluded specifically in the terms of the policy.
All Risk Shipping Insurance – Full Replacement Value Coverage at Destination
This comprehensive coverage is usually only available if your household goods are professionally packed by your overseas movers. This offers the full value of repair or replacement based on your destination—depreciation is not taken into account. Keep in mind, you may want to investigate values of your high-value items at your destination prior to choosing this option as you may find there’s a significant difference.
All Risk Shipping Insurance – Full Replacement Value, Lump Sum
With this type of coverage you would declare a lump sum that represents the coverage you wish to have for your shipment. Only the goods valued at a minimum price must be listed and provided to your insurance company. These items will be covered under the lump sum you declared and not considered additional value so long as the total declared value is not higher than the total replacement value.
Total Loss Shipping Insurance
This coverage only covers your loss if your entire shipment is destroyed or lost under circumstances such as a fire, an Act of God, missing vessel, etc. Individual items will not be covered
Staying Within Your Budget
Moving overseas can be costly and you’ll want to make sure you’re able to budget for shipping insurance that will cover all of your valuable household goods. One way to make your shipment more budget-friendly is to reduce the items you intend to ship. Take into consideration the costs of shipping and insuring a container as well as whether or not you’ll have the space for everything in your new home. Reducing your total shipment should help you stay within budget and free you up to choose the best services available.
