If you are using a container to ship your items to or from Kuwait, there is always a question of whether you should purchase additional insurance. Most of the international shipping companies in Kuwait do recommend insuring your container, and for good reasons. However, if you are wondering whether to insure your shipping container, read on. We will explain more about it.
Insure your shipping container – Should you do it?
Not insuring your container will have the benefit of saving you some money. However, you may run into some problems down the line. Some people will simply not accept a container that is not insured. Here is what you need to know about containers and their insurance:
- Shipping container insurance
- How much does it cost to insure your shipping container?
- Why is it worth to insure your shipping container?
Shipping container insurance
The most obvious benefit, as with any insurance, is that you will get reimbursed if anything goes wrong. You are not the only one that is taking this risk, however. People that are handling your shipment are taking the risks as well, as they may be liable. Almost all shipping companies in Kuwait will tell you that it is a good idea to acquire container insurance before transporting your shipment.
The insurance itself is not only about the damage to the goods in transport. There are many more instances where it may apply, such as pirate attacks or even the ship catching fire, to name a few.
When purchasing insurance, make sure to know what your goods are protected from. Also, note the time period that insurance covers.
How much does the insurance cost?
The prices of insurance packages can vary wildly. Usually, the cost will be around a small percentage of the total value of the products (something like 0.2%). It all depends on the current circumstances and the shipment in question.
The best way to go about it is to contact several companies that provide insurance and see what kind of deals you can get. Remember to provide every company with the same information so you can get the same feedback, just at different prices.
Why is it worth to insure your shipping container?
Apart from the fact that every shipping container represents a considerable investment, there are quite a number of things that can go wrong. Most of the time your shipment will be just fine. However, you have to know about shipping mistakes you should avoid before shipping your belongings.
It comes down to this. If you can accept the complete loss of one container and continue your business without too much interruption, then you may consider not insuring your container and take the risk. In any other situation, it is simply common sense to insure your container. If you can’t recover from the loss then you have to put safeties on.
There are simply too many ways for your goods to get damaged while in transit. The container can fall in the water, for example. All in all, insuring your shipment is something that is a good idea. Most of the time you should do it.