air freight insurance

Air freight insurance - the essential insurance for air freight export

Air freight insurance is the insurance companies provide a insurance business for the special air cargo, which are damaged or lost during the air freight. The insurer may be the shipper or the air freight forwarder, and the beneficiary is generally the consignee on the air waybill.

Which air cargo needs buying insurance

In the international air freight, when the goods are lost and damaged, the airline can provide the certain compensation, so most goods do not need to purchase additional insurance. Which air cargo needs buying insurance additionally? Here are some examples, for reference only:

  • 1. Fragile products: such as automotive glass products, glass doors and windows, mobile phones, monitors, LCD screens.
  • 2. High value goods: engine, chip instruments, mechanical watches, cosmetics, health care products, drones, 3D printers, GPS navigation device, smart bracelets, auto spare parts;

When to buy air freight insurance

When to buy air freight insurance, the insurance company has certain regulations on buying the air freight insurance. It is necessary to purchase the insurance before the flight takes off after confirming the air waybill. Otherwise, the air freight insurance purchased from agent is invalid.

Why is it required to purchase insurance in such a short time, because air freight has its own particularity, some information may be changed, such as: the volume, number of pieces, consignee information, shipper information, departure time, and flight even if these information have been confirmed by the airline on the air waybill, which causes that the information on the air waybill is inconsistent with the information on the bill of lading. If there is aircraft accident and the beneficiary rights are not guaranteed, then there is no need for purchasing air freight insurance.

Then why not buy after the plane takes off? Everyone knows that air cargo plane accidents often occur within half an hour of the plane taking off and landing. Air freight insurance will be useless if purchasing air fright insurance after taking off.

Therefore, the buy time of air freight insurance can only be completed within one or two days before the plane takes off. If you want to purchase insurance for your goods, you need to tell them when you entrust your air freight forwarder to book, you must not forget, otherwise it will miss the time.

Who should you look for to buy air cargo insurance?

There are two channels to buy air freight insurance, one is to buy directly from international air freight forwarder; the other is to buy the insurance from company agency.

Insurance companies usually do not provide such insurance services directly to customers, because for them, such insurance services require strong professionalism and are also complex, so it is more convenient and time-saving to sell by agents.

Most air freight insurance is purchased through international air freight forwarders, because the total amount of insurance premium is very low, and they usually do not buy more than 50 yuan when they buy from air fright forwarder or find an insurance company agent to buy, so there is no need to spend a lot of time to buy additional insurance.

What is the exchange rate of air fright insurance

Air freight insurance, the exchange rate for air freight insurance in each company is different, basically between 0.1% and 0.3%, and the lowest insurance fee is 150 yuan.

If you purchase an air freight insurance for goods with a value of US$10,000, the total insurance fee to be paid according to the 0.1% exchange rate of Ping An Insurance (Group) Company of China, Ltd.is: 100 00*0.001=100 USD

How to compensate

When purchased insurance, how can you get compensation from the insurance company when there is aircraft accident? Everyone knows that it is easy to buy insurance but it is difficult to get compensation. The following are notes on the purchasing air fright insurance:

If there is air cargo plane accidents

  • 1. Fire, explosion, thunder, hail, storm, heavy rain, flood, tsunami, subsidence, cliff collapse;
  • 2.

    Loss caused by aircraft collision, overturning, falling, missing (more than three months), unloading in distress and suffering from bad weather or other dangerous accidents; these will be reported by news, so it will be easy to get compensation from insurance company.

    However, if the following conditions occur, it be sure to call the corresponding insurance company before the goods arrive at the destination airport, and wait for the insurance company to check and retain the evidence before getting compensation from the insurance company.

  • 3. Loss of crushing, bending, snagging, breaking, cracking due to vibration, collision or pressure;
  • 4. Loss of goods due to broken packaging;
  • 5. For goods that are liquid, semi-fluid or need to be stored in liquid, the damage caused by the leakage of the container (including the seal), caused by vibration, collision or pressure during transportation, or the goods deposited with the liquid leakage resulting in the decay of the cargo;
  • 6.Suffering from theft or loss of goods;
  • 7. Losses caused by force majeure and rain during loading, unloading and ground transportation in the port.

What are the insurance companies?

Insurance companies that provide international air freight insurance are: Ping An Insurance (Group) Company of China, Ltd., China Life Insurance Company, China Pacific Insurance Company, New China Life Insurance Co., Ltd.