freight broker contingent cargo insurance cost
The cost of contingent cargo insurance is just as affordable as other specialized insurance policies. contingent cargo insurance for freight brokers costs $1,500 a year on average. instead, having civil liability policies (general civil liability policy, for example) adds another $400. If we add these figures, the total price of contingent cargo insurance is $1,900 per year. take a look at the following table to know the rates of the best carriers.
best contingent cargo insurers
contingent load insurance thimble
thimble is widely known for providing insurance to small businesses and artisans. therefore, it is great that the company offers contingent insurance for freight forwarders at an affordable price.
Reading: How much is contingent cargo insurance for brokers
the thimble is not rated by am best. Still, the company has a good reputation as it is backed by Markel which has an A- rating. Consider getting insurance from this company because the premiums are affordable and filing a claim is very easy.
thimble policy details
thimble contingent cargo insurance is very simple. After providing all the details, the company will proceed to process your request. If approved, you’ll enjoy coverage of up to $1 million to $2 million, which is already enough, as long as you only work with small businesses.
advantages
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online insurance application
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affordable rates
cons
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only adapted to small cargo agents
ideal for : small cargo agents
average cost: $108.33
our rating : 8/10
chubb contingent cargo insurance
I am the best chubb with an a++ rating. This company is known for its insurance policies that are tailored to the needs of companies that operate internationally. The main insurance policies offered by Chubb are auto and home insurance. still, you have contingent coverage that is part of your marine cargo insurance.
detail of chubb’s insurance policy
chubb’s contingent cargo insurance comes as an add-on option to your worldwide marine cargo insurance, which costs a maximum of $1,500 and provides a coverage limit of up to $60 million. The benefits you’ll enjoy if you choose Chubb for your contingent cargo insurance are comprehensive protection for goods in transit, a fast and flexible claims process, streamlined billing and transparent accounting, an online certificate of insurance, and more.
advantages
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$60 million coverage limit
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set prices
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provides numerous benefits
cons
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not rated by better business bureau
ideal for: freight forwarders who have clients not only in the united states but also in other parts of the world
average cost: $125 per month
See also: What if the at fault party doesnt have enough insurance to pay my claim?
our rating : 10/10
state farm contingent cargo insurance
state farm offers insurance policies that are less than the average market price. so we did not dare to exclude it from the best contingent cargo insurers. am best is a trustworthy company as it is rated a++ by am best and aa by s&p.
details of state agricultural policy
You can take advantage of State Farm Contingent Cargo Insurance by speaking with an agent about the specifics of State Farm Dealer Insurance, which provides property, commercial liability, customer property, employee and equipment coverage.
advantages
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rated by am best and s&p
cons
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does not provide online quotes
ideal for: contingent cargo insurance for freight brokerage companies
average cost: $140 per month
See also: What if the at fault party doesnt have enough insurance to pay my claim?
our rating : 10/10
mapfre contingent cargo insurance
mapfre is an insurance company that offers policies in the united states and other countries such as the philippines and puerto rico. If you plan to start a cargo brokerage service in these two countries, we recommend you try Mapfre, as its cargo insurance policies cover the needs of cargo brokers.
details of mapfre’s contingent cargo policy
mapfre puerto rico offers contingent cargo insurance as part of its ocean and inland maritime insurance. The benefits you’ll enjoy include, but are not limited to, specialized services and loss control programs that will help determine how much you’ve lost based on the mode of transportation, the type of products and how they are stored.
on the other hand, mapfre philippines offers contingent cargo insurance with its marine cargo insurance, providing coverage while the cargo is transported by land or sea.
advantages
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insurance coverage that adapts to the needs of freight forwarders
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insurance company established and operating in different countries
cons
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contingency coverage can only be offered by mapfre philippines and mapfre puerto rico
Ideal For : Freight forwarders in the United States planning to expand services in the Philippines and Puerto Rico
average cost: $161 per month
See also: What if the at fault party doesnt have enough insurance to pay my claim?
our rating : 10/10
amwins contingent cargo insurance
we are not very familiar with amwins. but from our search, many say that it is a decent insurance company that offers great deals, especially when it comes to their contingency insurance for freight forwarders. As of now, Amwins does not have a BBB or AM Best rating.
amwins insurance policy details
amwins contingent cargo insurance comes in the form of freight broker liability and contingent coverage. base coverage is $5 million. Plus, additional options provide coverage of $100,000 up to $1 million for Professional Liability Insurance, General Liability Insurance and Freight Forwarder Auto Insurance.
advantages
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See also: Best homeowners insurance in Ohio for 2022 | Bankrate
$5 million coverage
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has liability policies as add-ons
cons
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not rated by am best and bbb
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requires specific documents before approving your insurance application
ideal for: Comprehensive contingent cargo insurance
average cost: $175 per month
our rating : 6/10
contingent cargo insurance for transinsurers
transinsurers is an insurance company that specializes in broker insurance, freight insurance, and truck insurance. Like the insurance company above, this company is not rated by BBB, AM Best, or S&P. still, we included this one in our list to give you a full list of options.
trans insurance policy details
Trans Insurers Contingent Cargo Insurance is part of your Freight Broker Insurance Policy that combines Truck Broker Liability, Automobile Contingent Liability, and General Liability coverage.
advantages
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offers truck broker liability and general liability along with contingent cargo insurance
cons
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not rated by reputable organizations that oversee insurance companies
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quotes are not transparent
Ideal For: Freight forwarders who focus on shipping goods overland
average cost: $134 per month
See also: What if the at fault party doesnt have enough insurance to pay my claim?
our rating : 10/10
final words
If you’re a freight forwarder, you need insurance so you don’t end up using your own money to pay customer claims when your shipment is lost or damaged.
Also, most clients won’t work with you if you don’t protect them from risks. Therefore, apart from the above, another reason why freight forwarders need contingent cargo insurance is to provide clients with the assurance that no significant losses will occur even if the shipment goes haywire.
We’ve said this before, but we’ll repeat it in case you missed it. As a customer, get a contract that will require the freight broker to pay if the shipping company does not cover your losses. Always keep in mind that a freight forwarder can easily refuse to provide coverage using contingent cargo insurance if there is no binding agreement.
That’s the end of our discussion of freight forwarder cargo insurance today. Before you go, we suggest you click “get quotes” to get the cheapest and most practical contingent cargo insurance quotes online.
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