The Importance of Insuring Your Goods

Cargo Insurance is one of the newsletter themes that we feel is important to repeat from time to time, particularly as we receive a proportionate amount of enquiries via referrals from existing customers.

We want our clients to be informed so that they can make the right decisions to ensure their assets have the relevant cover.

The Limitations of Standard Terms and Conditions for Freight and Warehousing

When goods are transported via sea, air or land, it is essential for the shipper or consignee to understand the importance of arranging cargo insurance separately to protect against potential losses or damage during transit and in storage. Cargo insurance can cover various risks, including damage, theft as well as loss, and damage caused by accidents or natural disasters. The coverage amount and terms of the insurance policy will depend on your specific needs and preferences.

Customers shipping goods by sea, air and land should be aware that Westbound Logistics Services Limited operates under the applicable BIFA standard trading terms and conditions, which limit our contractual liability for loss or damage. While these terms and conditions outline the responsibilities of both parties, they do not provide cargo insurance and may fall short of protecting the full value of your assets.

Customers storing their goods in Westbound warehouses should be aware that our warehousing services are subject to the applicable UKWA standard terms and conditions, which govern the storage of goods. These terms and conditions outline the responsibilities of both parties, including the warehouse’s limited liability for loss or damage to stored items. They do not provide insurance for the full value of your goods.

Standard trading terms and conditions generally limit liability, often by reference to the weight of the cargo or other contractual limits. These limitations may not adequately cover the full value of your goods, leaving you exposed to significant financial losses in the event of damage, theft or other unforeseen events.

In Summary

Appropriate cargo and warehouse insurance can provide valuable protection for your goods during transit and storage, helping to address the gaps left by standard trading terms and conditions. The extent of cover willdepend on the policy selected, so it is important to ensure that your insurance meets your specific requirements.

Copies of our BIFA and UKWA trading terms and conditions can be found in the footer of our website via the button below.