TTA Logistics provides comprehensive supplementary logistics services tailored to the specific needs of each customer and shipment at reasonable prices.

• Customs brokerage
• Consulting and handling import-export procedures
• Consolidation for export and deconsolidation for import cargo through CFS warehouses
• Packaging, labeling, and crating of various goods
• Warehouse leasing
• Certificates of origin (C/O) for goods
• Insurance, fumigation, quarantine, etc.

International Cargo Insurance
International cargo insurance, or cargo insurance in international trade, is a vital aspect of export-import operations.

• Cargo insurance is a compensation agreement between the insurer and the insured. Once a cargo insurance agreement is reached, the insurer compensates the insured for losses or damage to transported goods caused by risks specified in the insurance policy.
• Cargo insurance protects and minimizes damages during transportation due to risks such as damage, fire, explosion, storms, collisions, or impact with other objects. Insurance must be purchased before any risks occur, typically before goods are shipped.
• International cargo insurance guarantees compensation for losses incurred during the transportation of goods internationally.
• These losses are typically caused by one or more risks agreed upon in the policy. The insured must pay premiums to the insurer in return for coverage.
• Covered transportation methods include:
  • Rail transport
  • Road transport
  • Sea transport
  • Air transport

Types of Cargo Insurance
Cargo insurance varies based on factors such as the condition of goods, destination, and mode of transportation. The basic conditions for international cargo insurance include:

• General Conditions:

  • Condition A
  • Condition B
  • Condition C

• Special Conditions:

  • War
  • Strikes

The Importance of Cargo Insurance
International cargo insurance plays a critical role in export-import activities and offers significant benefits:

• A Companion for Goods in Transit:
  International shipments often face long journeys from origin to destination. Since shippers cannot always supervise goods during transit, cargo needs a “companion” to share the risks and burdens in case of unforeseen incidents.

• Risk Mitigation:
  Unpredictable risks such as natural disasters, accidents, theft, piracy, or severe weather can cause significant losses. Cargo insurance reduces the financial burden by sharing the risks involved.

• Peace of Mind for Shippers:
  Freight companies are responsible for goods within a limited scope. Cargo insurance ensures comprehensive protection against unexpected damages.

• A Global Trend:
  Cargo insurance has a long history and has become an unwritten rule in global foreign trade activities.

Key Concepts:

• The seller purchases insurance for the goods.
• The beneficiary of the insurance is the buyer at the destination port.
• Sea transport conditions related to insurance include CIP and CIF.
• Insurance conditions are A, B, or C.
• Premiums range from 0.06–0.075% of the insured value.
• Insured value can be based on FOB or CIF prices.
• All responsibilities and exclusion clauses are governed by ICC 2009 (Institute Cargo Clauses).

Insurance Process:

1. The insured party reports cargo damage to the policyholder.
2. The policyholder notifies the insurer of the damage.
3. The insurer conducts an independent inspection to assess the loss as soon as it is reported.
4. The insured party signs a Power of Attorney (POA) authorizing the policyholder to handle the claim.
5. The policyholder submits a loss notification package, including:
   • POA from the insured party
   • Cargo insurance loss notification form (provided by the insurer)
   • Cargo insurance claim form with a detailed inventory of insured damaged goods
   • Invoice and packing list for the shipment with damaged goods
   • Bill of lading for the shipment with damaged goods
6. After the inspection and damage assessment, the insurer issues a compensation notice, detailing the claim amount.

Additionally, the insurer provides supporting documents, such as:

• VAT invoice
• Debit note
• Endorsement note
• Declaration for export

Cargo insurance is a top priority for businesses engaged in export-import activities. TTA Logistics provides consultation for customers needing export-import cargo insurance.