Single Trip Insurance

Single Trip Insurance is a type of cargo transportation insurance that covers the risk of a single shipment of goods from the place of origin to the destination. Applicable scenarios: suitable for one-time, infrequent cargo transportation, such as small-batch exports, sample shipments, one-off project cargo, etc. Precautions: it is necessary to specify the insurance start and end time (usually warehouse-to-warehouse clause), coverage scope (such as Free from Particular Average, With Particular Average, All Risks), deductible and claim time limit; if the transportation route changes or there is transshipment en route, the insurance company must be notified promptly. Difference from other terms: unlike Annual Policy/Open Cover, which automatically covers all shipments within a certain period, has lower premiums and requires no separate insurance for each shipment, and is suitable for enterprises that ship frequently; single trip insurance is flexible, costs are calculated per trip, and it is suitable for occasional transportation. In addition, the difference between single trip insurance and Open Policy is that an open policy is a long-term agreement, while single trip insurance is a single contract. Foreign trade practitioners should choose according to shipping frequency, cargo value and risk.