Mig Express

Insurance

MIG Express offers its customers a comprehensive coverage that will take care of valuable air and ocean cargo. This coverage provides all risk coverage should your shipment be lost or damaged during the normal course of transit. Our cargo policy follows all the Loyd’s of London Clauses. Having agents in all countries makes any coverage claim easier so you can be confident that your case will be handled in a fast and reliable manner.

MIG Express offers “all risk” cargo insurance as an adjunct to our services. Carriers typically have only limited coverage and we can offer coverage via numerous underwriters at relatively low rates. “All risk” coverage protects your goods from door to door.

Please consider the following as it relates to general liability and coverage by the air and sea carriers:

•The general provision under any air, ocean, warehouse, or trucking bill of lading is only a limited liability. The maximum exposure for carriers on claims involving shortages, and damages is limited to $500 per shipping container. Thus, if the value of your cargo is $100,000, most you would receive in a total loss is $500 or 2%.

•Due to the complexities of international cargo and the multiple parties involved, there are often multiple claims filed to the perceived responsible parties involved in a claim. The average time for processing and concluding a claim is 10-12 months.

If your company does not have cargo insurance, we strongly recommend that you obtain cargo insurance either through MIG Express or under your own policy. Having cargo insurance will limit your company’s exposure to the common pitfalls described above.

Here are some of the advantages of carrying cargo insurance on your international air/ocean shipments:

  1. Claims are processed within a shorter time frame.
  2. Coverage includes the freight, commercial invoice value (the purchase cost from vendor/export value declared at origin), customs duty, and a 10% residual value.
  3. Cost is less than 0.50% (half percent) of the cost of any imported commodity.

MIG Express can assist you to protect your investment through our buying power of cargo insurance. Please feel free to contact us to discuss getting your company enrolled in this value-added service.