CARM: What all importers need to know about CARM

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Cargo Liability versus Cargo Insurance

Don’t make the mistake of assuming that Cargo Liability and Cargo Insurance are the same thing.  They are not.  Cargo Liability is the maximum amount of liability a carrier will assume if they are determined to be 100 percent at fault which must be stated on their Bill of Lading.  Cargo Insurance is purchased by the shipper for protection against losses resulting from all perils (loss, damage, theft) and can cover more than 100% of the cargo’s value.

     Anthony Zitko, Customs Operations – Windsor
 

Anthony Zitko,
Customs Operations – Windsor

Quick Tip #51
The link between insurance premiums and risk

There are many factors which affect the pricing of your insurance premium, but all revolve around the risk involved. For example, the longer the transit time, the more time available for something negative to happen.

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