Mandatory Cargo Insurance
Mandatory cargo insurance is a legal or contractual necessity in certain countries or under specific trade agreements for freight shipments to be covered against risks such as damage, loss, and theft. This regulation protects both shippers and consignees financially in the case of an unexpected occurrence while in transit. The insurance frequently covers several phases of transportation, whether the cargo is transported by water, air, road, or rail.
Insurance needs can be automatically integrated into shipping documents and procedures in CargoWise. Users can issue insurance certificates, compute premium values based on cargo type and destination, and guarantee compliance with country-specific regulations. Automated notifications additionally notify users if a cargo does not have the necessary insurance coverage, allowing logistics teams to avoid costly penalties, shipping delays, or liability issues. Businesses can improve risk management and trade processes by integrating insurance tracking.
