September 28, 2023


Be life confident

A Brief Discourse on Public Liability Insurance – Need and Importance

2 min read

Why should I pay extra for freight insurance? Simply put, that “extra” amount will cover you if your shipment is lost or damaged. However, let’s define cargo insurance in a more professional way. Cargo insurance generally covers loss or damage to all or part of the insured goods if they are damaged or lost in transit along with all other mandatory requirements. This sentence basically signifies the conditions prior to making an insurance claim. It is very important to note that not all types of loss or damage to goods can be claimed by the owner of the cargo insurance policy.

Basic Concepts of General Insurance

These general insurance concepts also apply to cargo insurance.

The claimant must have an insurable interest. Insurance interest is a matter of law. Simply put, if your shipment is damaged or lost while in transit, you will incur insurance interest on your shipment.

Another common concept is that the “insured” must have caused the damage or loss. Carefully check any insurance you buy or are offered. If you are unsure, ask your provider or insurance company which events or situations are covered by the policy. It is very important. If the cause of damage is not mentioned in the cargo insurance purchased then the claim cannot be made. For example, if the loss was caused by typhoons Yolanda and typhoons, or “force majeure”, or if natural disasters were not included in the list, we may have lost the cargo without compensating for the loss.

Claim submission is also an important consideration. Shipments may need to be inspected upon delivery or within 24 hours. In some cases, it may be provided for a longer period, such as several days. Some distinguish shipments that have significant trauma or damage to the surface of the delivered box or package. Less time is allotted for visible surface damage. The bottom line is, to make sure you know how long you have to notify the carrier about the fact that your shipment is damaged and how long you have to inform your insurance company regarding the claim.

liability insurance

Accidents happen frequently, and by facing them, safety and security are ensured. The availability of different types of insurance in the market has ensured that each one is convenient and benefits the people. The beneficiary of all insurance is public liability insurance.

What exactly is liability insurance?

Public Liability Insurance is a type of insurance that covers claims from third parties, such as when a member of the public is injured on the premises of a business, or to cover damage to someone’s property in the course of a job. 

That is why this type is considered the most important type for business. This provides business owners with much-needed financial protection against the costs of personal injury. It allows coverage for accidental damage claims made by third parties or the public.

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