Freight Cover
Freight Insurance: Instant Quotes – Claims Settled in 72hrs!
Critical aircraft freight Insurance underwritten by Lloyds of London.
Annual cargo insurance coverage
All-Risk Global Cover with Full ATA Chapter 100 Coverage
Pay-as-you-Go one off, or multiple shipments
A-Rated Insurance, Dynamically Priced with Automated Claims
Faster, Better, Cheaper Freight Insurance for the Global Aviation Supply Chain
Market leading insurance at it’s simplest and most elegant for domestic and international cargo – thanks to digital-first approach.
Flycovr
Who is Freight Insurance for?
Aircraft Lessors
Original Equipment Manufacturers (OEM’s)
E-Commerce & Trade Platforms
Aftermarket Service Providers
Commercial Airline Operators
Freight Forwarders & Logistics Providers
Instant Cargo Insurance
Available Instantly, simply purchase pay-as-you-go transit insurance from anywhere, anytime through Flycovr.
Time to Quote: 45 Seconds
Coverage Limit: $2 million
Major Assets
Major Assets such as Engines, can be insured via Flycovr. Over Land, Air or Sea, we just need a little more information.
Time to Quote: 2 Hours
Coverage Limit $10 million
Multiple Shipments
Have a schedule of shipments from a breakdown project? You can fulfill your full schedule of part shipments over multiple journeys with one insurance policy.
Time to Quote: 5 minutes
Coverage Limit: $10 million
Transit and Stock Throughput
Shipping domestically and internationally, whilst also storing cargo in between destinations – Flycovr can access insurance to cover locations and goods in transit.
Time to Quote: 5 minutes
Coverage Limit: $10 million per location and goods in transit
Flycovr
Aviation and Insurance Experts Combined
Flycovr provides exclusive access to aviation insurance products tailored by Loadsure, your go-to insurtech solution addressing the worldwide underinsurance challenge.
Flycovr instant cargo cover
What can be insured?
01/
Consumables
02/
Expendables
03/
Rotables
04/
Major Assets
Freight Insurance – What Is It and Do You Need It?
Do you transport goods as part of your business? Are you a freight forwarder?
Are you looking into the different types of insurance that your business may need? You possibly have questions, such as:
Here are some of the different types of cargo insurance you may encounter:
What is it?
Does my business need it?
How much does it cost?
Is it the same as cargo insurance?
What does it cover (and not cover)?
Can you ship goods without insurance?
Don’t worry – we will answer all your questions to enable you to choose the right insurance for your business.
Get Freight Insurance in Minutes
Critical aircraft freight Insurance underwritten by Lloyds of London.
What Is Freight Insurance?
Products are transported every day via road, air, sea, or rail and there is always some exposure to risk. The primary purpose of this type of insurance is to insure against goods being damaged or lost during transit.
Having insurance is critical in the supply chain and logistics industries where valuable goods are moved around the world, putting them at risk of mishandling, accidental breakage, theft, damage due to bad weather, and many other unforeseen events.
There are several different kinds of freight and cargo insurance and it’s important to understand what type of insurance is most useful to your business so you don’t waste money on insurance that you don’t need, or worse, get the wrong type of insurance and find yourself not covered for circumstances which subsequently occur.
Understanding the options
Different Types of Freight Insurance
Many of the terms for insurance are used interchangeably, although there are sometimes subtle or specific differences between them. Let’s look at some of the kinds of insurance out there, in order to reduce some of the confusion.
Freight insurance
Designed to protect the freight forwarder or carrier’s liability in the event of the goods being damaged or lost while being transported. If a claim is made, payment is usually based on the weight, rather than the full value, of the goods that were lost or damaged.
Cargo freight insurance
Cargo insurance is often taken out by the sender or shipper of goods, for example the wholesaler or manufacturer. This type of insurance is usually designed to cover the financial value of the goods.
International freight insurance
If you import or export internationally you might want to insure against loss, damage or delays that may occur while your goods are being transported between countries.
Sea freight insurance
Many goods are transported by sea and as such face unique risks such as water damage, damage caused by the movements of the ship, and more. Sea freight insurance, or marine cargo insurance, is there to protect against loss or damage to the goods you are shipping via water.
Commercial freight insurance
Again, another term which can be further sub-categorized into commercial vehicle insurance – which insures trucks and other commercial vehicles.
As you can see, there are numerous names and categories for freight insurance, some others include:
- Haulage insurance
- Hauliers’ liability insurance
- Freight liability insurance
- Goods in transit insurance
- Rail insurance
- Third party liability insurance – which protects against third party property damage or injury to a person
- Warehouse keepers’ insurance
- And many more.
Insurance is a product that we hope we don’t have to use, but in today’s modern world it is a critical component of transport and logistics.
Different modes of transport present different types of risk, for example transport by road might present a risk of a collision, goods transported via sea may be at risk of water damage, etc.
Despite there being many different names for the various kinds of freight insurance, it’s worth noting that they all essentially fulfill the same purpose – to cover the policy holder against damage, loss, or delay, which can negatively impact your business.
The main takeaway from this is that although there are many different names for the various kinds of freight insurance, with Flycovr you don’t need to worry about all the different types – that’s what we are here for!
So please don’t be confused, we can decipher in seconds what you need and get you covered. Our purpose-built insurance will dynamically cover all shipments with All-Risk insurance for your specific transit.
Why Get Covered Through Flycovr
Your go-to insurtech solution addressing the worldwide underinsurance challenge
Delivers instant pricing
Financial protection
Simple 72hr claims process
Underwritten by Lloyds of London
Industry
Why Don’t All Businesses Use Freight Insurance?
A shockingly high number of goods that are shipped are either underinsured or even not insured at all.
Some reasons why an exporter or shipper might be underinsured include:
Increasing cost of premiums
A worrying majority of claims are never pursued due to the fact that claiming on any insurance will be counterproductive to the premium price for a company’s insurance.
When you combine this with the fact that it won’t pay out the full value of the parts covered anyway. Flycovr have found that many businesses simply don’t make a claim for any damaged or lost items.
Low risk perception
A business may believe that the risk of their goods being damaged is low, and therefore conclude that insurance is not worth taking out.
Thinking they’re already covered
Typically, making a claim is arduous and involved. This, combined with the above issues, can lead to a business talking itself out of taking out insurance (when they do in fact need it).
Lack of awareness or information can lead to a freight forwarder or shipper having a false sense of security, and failing to set up adequate insurance, which can be a costly error of judgement if things do go wrong during the transit of goods.
Likewise, trying to cut costs by avoiding insurance may seem like a smart decision, but protecting your profits with insurance against unexpected events is probably wiser. Regret can be very expensive!
The intelligent solution:
With Flycovr you get carefully calculated digital solutions that are dynamically priced. With no annual premiums for one-off shipments or a schedule of multiple transits, premiums will remain unaffected by any claims.
Access cargo cover instantly today
Cover Air, Land or Sea through Flycovr
No paperwork, just insurance and ship
A-rated insurance and automated claims
Cargo Insurance for Freight Brokers and Freight Forwarders
Freight brokers and freight forwarders are both involved in the transportation of goods but although the two terms are sometimes used interchangeably, there are some distinctions between their roles and responsibilities.
Freight brokers
- Act as a middleman between a shipper and a carrier
- Help find the best carrier with the best deal for the shipper
- Help with negotiations for lower shipping costs
- Help organise the optimal shipping routes
- Have a brokerage registration
- Are not typically responsible for any damage that occurs to a shipment
Freight forwarders
- Arrange the freight transportation logistics
- Handle the contracts/paperwork for the client
- Are registered as operators (not brokers)
- Take responsibility for the transportation/storage of freight
- Are liable for damage or loss of the transported goods
Both freight brokers and freight forwarders can benefit from having insurance.
Although a freight broker may have less involvement with the moving of goods, they still need to insure themselves against liability. Liability insurance does not insure freight but will insure the freight broker against a potential compensation claim.
Freight brokers are required to have a surety bond but they may also benefit from contingent cargo insurance if loss or damage of cargo isn’t covered by a carrier’s liability insurance.
Freight forwarders are usually legally liable for anything that may happen to a shipment while it is in transit. It’s important to insure against anything that may impact your business if freight were to be damaged. Liability insurance acts as a safety net to protect a freight forwarder company should the unforeseen happen.
Understanding
What’s the Difference Between Cargo Insurance and Freight Insurance?
The terms ‘freight’ and ‘cargo’ are often used interchangeably, and both types of insurance are designed to insure against potential damage to, or loss of, transported goods. So it can be a little confusing.
Both of these types of insurance policy cover all types of transportation methods, both internationally and domestically.
The main difference between these two types of insurance is who it is intended to protect.
Cargo insurance
Cargo insurance is used to protect the party which sends the goods, for example, the manufacturer or wholesaler.
Freight insurance
Cargo insurance has the purpose of protecting the freight forwarder.
In the business of storing and transporting goods, all parties of the supply chain can benefit from insurance, including shippers, haulage contractors, logistics providers, and others, but it’s important to understand what you are liable for, and what your insurance will (or won’t) cover.
Get Low-Cost Freight Insurance in Minutes
Critical aircraft freight Insurance underwritten by Lloyds of London.
The coverage
What Does Freight Insurance Cover – and Not Cover?
The primary purpose is to protect against damage or loss of goods that are being transported. Some of the main things included / not included:
Please note: this list is not exhaustive. T&Cs cover this in more detail.
Flycovr insurance policies cover you against many occurrences not typically covered by other insurers
Flycovr cargo insurance
A List of What is Covered
01/
Full ATA Chapter & Incoterm Coverage
02/
Door-to-Door Protection (DDP)
03/
Transit via Land, Air or Sea
04/
Any Aircraft Parts Instantly Up to $2million
05/
All High Valued Assets Such as Engines
06/
All-Risk Not Covered by Standard Carriers (FedEx etc)
07/
Physical Loss or Damage
08/
Loading and Unloading Damage
09/
Acts of God & Civil Commotion Risks
010/
Employee Theft
What is included?
Covered
Physical damage
Caused by bad weather, mishandling or other accidents that occur while the goods are in storage or in transit.
Delays / Interruption of Transit
While exporting goods, delays or rejection can sometimes happen at customs
Theft
Delays, damage or loss due to theft, piracy or other illegal activities is an unfortunate risk of international transport.
Infestation, spoilage, fumigation
Another circumstance that may occur when goods are stored or transported.
Marine incidents
Including loss of shipment overboard, damage caused by stormy seas, movement of the vessel, etc
General Average
General average and / or salvage charges
Natural Catastrophes / ‘Acts of God’
Things such as earthquakes, hurricanes, tropical storms, snow and ice storms, landslides, wildfires and many other natural disasters
What is included?
Not covered:
Exempted goods
Things such as weapons and ammunition, precious metals, alcohol and other specific goods are often excluded.
War and terrorism
If goods are damaged or lost due to conflicts or nuclear events, they’re not covered.
Wear and tear
General wear and tear, leakage, evaporation, loss of weight etc.
Dishonesty
Intentional damage, criminal behaviour by employees, or misconduct that leads to damage or loss is not usually covered.
Bad packing or labelling
Losses due to mislabelling or improper packaging of goods is generally not included.
Aviation & Insurance Combine
Why Choose Flycovr for Your Insurance?
We know what you are looking for; cheap, cost-effective insurance that gives you cover where you need it most.
The market can be confusing and expensive. These, and other, factors can put a business off from getting the freight insurance they sorely need.
We offer our customers:
Fast, near-instant quote
Typically you’ll get your quote in under a minute.
All-risk coverage
Insurance against damage or loss occurred during normal transport of goods, even including ‘acts of God’ terrorism and war, strikes, civil unrest and more. Coverage for generally hard-to-place risks.
Worldwide cover
Door-to-door coverage (excluding any standard sanctions that may be in place).
No minimum premium
Many other companies have a minimum premium as well as expensive annual policies. Our dynamic rating model allows for extremely competitive prices.
Digitized documentation
Intake and issuance of policy documents is digitalized for speed and convenience.
Payment terms to suit you
We offer flexible payment options including monthly, quarterly or annual.
Transparency
Visibility into account performance and history is available.
All business sizes
Small, medium and large companies can be covered, including entities such as wholesalers, retailers, manufacturers, shippers, etc.
Digital claims process
Fast, simple and straightforward claims processing that is digitalized. You can upload a detail for a claim to our portal and be paid within 72 hours – it couldn’t be easier!
Summary
Freight insurance can be a complicated and confusing issue, the result being that many companies find themselves underinsured.
Here at Flycovr we understand the complexities of insurance and we make it straightforward and simple for our customers.
Contact us and our friendly team will be in touch to help you get the freight insurance coverage you need.
All-risk shipment coverage quotes in seconds.
All-Risk Global Cargo Cover
A-rated insurance solutions meticulously crafted by aviation experts exclusively for the aviation industry.
A-Rated all risk quotes in 60 seconds
Pay-as-you-go coverage – Only pay for exactly what you need.
Protect stock and freight over land, air or sea
Full invoice settlement in 72 hours or less
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