Masterclass on cargo insurance by Shippers’ Academy Colombo

Tuesday, 14 October 2025 01:27 - - {{hitsCtrl.values.hits}}

Shippers’ Academy Colombo (SAC) will hold a Masterclass on the importance cargo insurance for international trade on 15 October 2025 from 9:00 a.m. to 1:00 p.m, at the Distance Learning Centre, SLIDA, Colombo 7.

It will be very useful for all engaged in international trade and parties handling insurance.

SAC said why is cargo insurance important? As your freight is being transported around the world, it is handled by a variety of companies and people, leaving it exposed to endless amounts of risks. Many people believe that if something happens to their freight, while it is in the carrier’s possession, the carrier would be liable for damage. While carriers are required to carry liability insurance, the coverage is very limited and does not provide coverage for all the risks that your cargo is exposed to. CIF does not mean your cargo is fully insured. Some of the risks that are not covered by the carrier’s liability insurance includes natural disasters, fires, strikes, accidents of the sea, insufficient packaging and much more.

Exporters, importers and traders who are shipping raw materials and finished goods have to be very careful when entering into sales contracts as various terminology used in international trade can be tricky and costly if not understood properly.

The complexity of the supply chain and logistics handling can sometimes confuse cargo owners about the risks and liability. Therefore, an important document is the insurance policy for cargo when goods are in transit.