What is Carrier Insurance in the shipping industry?
Carrier insurance in the shipping industry protects the carrier’s interest from economic losses and legal implications that may arise while shipping goods. In the transport industry, many stakeholders are involved, be it the shipper, buyer, or carrier. The carrier is the one who carries goods from one place to another. They are available on that mode of transport 24 hours a day. So, there is a possibility that they can be blamed for any type of risk or damage to the goods. So, carrier insurance comes into the picture to protect the carrier’s interest in unexpected incidents like theft or natural disasters. In this article, we will discuss what carrier insurance is, the aspects covered under it, and the benefits it offers in the shipping industry. What is carrier insurance? Carrier insurance protects carriers against damage, theft, or loss of their goods during transportation. This ensures the seamless delivery of goods and simultaneously protects the carrier's an...