As a BIFA member, we are required to ensure that a minimum level of insurance is in place. There are, as with any type of insurance policy, certain exclusions. A summary of all our insurance policies can be found here.
BIFA or CMR
For UK movements, maritime or air shipments, our cover is limited to BIFA, whilst for international road freight movements this increases to CMR. Adherence to these terms aims to protect all parties in the transport chain; from shipper, carrier, agent, to consignee.
The liabilities are as follows:
- BIFA 2.00 SDR’s per kilo
- CMR 8.33 SDR’s per kilo
The rate of exchange for the SDR (Special Drawing Right) is governed by the IMF (International Monetary Fund) and you may check current rates by visiting www.xe.com.
Regulations imposed by the FSA (Financial Services Authority) in February 2005 meant that freight forwarders were no longer able to insure their clients’ cargo under ‘All Risks’ policies. However, during July 2007, the Insurance Mediation Directive Exemption for freight forwarders came into force. This means that we are now able to offer ‘All Risks’ Insurance to our commercial clients, although not for personal movements.
For commercial movements, please contact us for a quotation.
For personal movements, we suggest that you contact your household insurers.
There are several conditions and types of goods which are not covered by our Freight Forwarder’s Liability Insurance, or to which our liability is further limited. These can be identified in the copy of our policy Freight liability insurance, and are also mentioned in our company specific terms.
In all cases, but specifically for the excluded items listed above, we recommend that you take your own insurance cover in the unlikely event of damages or losses to your cargo.