Carriers Insurance, also known as Marine Cargo Insurance, is one of the more complicated areas of transport insurance. Many transport operators are unaware of the varying insurance options available, what is covered and how cover actually works.
Standard Carriers Insurance is designed around the assumption that you are working under valid terms and conditions in line with industry standards, i.e. you have a consignment note. This is where many transport operators get caught out – if you do not have a consignment note you may be held liable for any consequential loss that falls outside the terms of your insurance policy.
What Does Carriers Insurance Cover?
Carriers Insurance generally only covers the value of the goods being transported – meaning you are only covered for loss and damage as a direct result of theft, fire, flood, collision, overturning, loading and unloading. It does not cover any consequential or indirect loss or damage.
It may seem obvious, but the first step is to read the fine print of your insurance policy to know exactly what you are covered for. You can also consider getting a consignment note with valid terms and conditions.
What Is Consignment Note Documentation?
A consignment note functions as two things:
- a receipt to prove that you have delivered the items in good condition and to the correct destination;
- evidence that your customers have acknowledged and agreed to your standard terms and conditions of carriage.
A consignment note essentially says that it is the owner of the goods' responsibility to ensure the goods you are transporting against any consequential damage or loss that may occur in transit. A consignment note may not fully protect you in the event of a claim, but it can significantly reduce the level of liability you are exposed to.
Get in Touch for Tailored Advice on Consignment Note Documentation
Many small transport operators often get caught out by getting invalid consignment notes that have been signed by unauthorized personnel. Our brokers understand the intricacies of the truck and transport industry and can offer advice based on your business activities, risks, and needs. Get in touch today on 1300 815 344 for you would like tailored advice on consignment note documentation.
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