NVOCC & Ocean Freight Forwarder Insurance
Accidents happen. If you’re a Freight Forwarder or NVOCC, it’s vital that you are properly insured.
• A+ rated providers at extremely competitive rates
• Fast, customized quotes for your OFF or NVOCC
• Unparalleled industry experience and customer service
As an Ocean Freight Forwarder (OFF) or Non-Vessel Operating Common Carrier (NVOCC), you might be handling freight valued at tens of millions of dollars at any given moment. While modern ocean freight shipping may be more reliable than it has ever been, the fact remains: accidents happen. Freight damage due to improper handling, collisions, and bad weather, is more common than you might think. What about unexpected storage, demurrage, port, and forwarding charges? Paperwork errors can result in damages and fines as well. And finally, if you are involved in a lawsuit, legal fees can be staggering. Can you afford to be either underinsured or overinsured?
DB Schenker Trade Solutions offers ‘top to bottom’ OFF and NVOCC insurance from A+ providers at the best rates available. And we can add clauses to your policy to cover a wide range of situations specific to your business. We offer forwarders and NVOCCs the following forms of insurance:
• Freight Forwarder Liability Insurance (for OFFs)
• Cargo Liability Insurance (for NVOCCs)
• Errors & Omissions Insurance (or E&O Insurance)
• Shipper’s Interest Insurance
Freight Forwarder Liability Insurance and Cargo Liability Insurance protect Freight Forwarders and NVOCCs from claims due to lost or damaged cargo. Our liability policies are written specific to your Terms and Conditions (T&Cs), giving you the peace-of-mind that you are properly covered. For example, if the carrier you hire damages or loses your client’s cargo, its liability to you may not cover your liability to your client (most carriers’ T&Cs limit their liability to a low flat rate according to the weight of the goods). But with the right liability policy in place, you are covered — no matter what. Additionally, liability insurance protects you from out-of-pocket legal defense fees should your firm get sued (i.e. for damages in excess of your T&Cs).
Errors & Omissions or E&O insurance is a type of professional liability insurance that protects your firm, employees, and other associates, against claims of inadequate work or negligent actions. For example, it protects you against claims due to paperwork type-os or other mistakes that might result in Customs delays, or a shipment getting sent to the wrong port, or worse!
Shipper’s Interest Insurance is a great add-on you can offer to your clients. This optional insurance covers your clients in the event that their losses exceed your liability as defined in your T&Cs, up to the full value of their cargo (subject to certain basic exclusions).
Want more information? Click here to request a quote or consultation. We can also be reached by phone M-F 8 am – 6 pm ET at 1 (844) 724-8723.
We also provide consulting services to help you setup and register your NVOCC or OFF, as well as a full range of surety bonds needed to get licensed with the FMC and operate in the US. Learn more: