With all of the factors impacting your cargo insurance quote, it's tempting to think that you may have the opportunity to get more affordable coverage and keep the cost of insurance down. It turns out there are a few factors under your control that could have an impact on your premium, although the impact will differ based on the insurance company you are with. Some things you can do to lower your quote are as follows: 

• Avoid making claims on small losses to maintain a clear record. 
• Have extra risk management strategy training for your staff to decrease the odds of an incident happening. 
• Increase your deductible. 

Cargo insurance policies are not legally mandatory in Ontario, with the exception of towed cargo insurance being mandatory in specific municipalities. The only type of commercial insurance that is mandatory in Ontario is commercial auto and fleet insurance, also known as commercial auto insurance. However, due to the very high number of risks involved, cargo insurance is recommended for every business susceptible to the risks involved with transporting cargo. Whether you're transporting items through the air, over the sea, or on land, there are risks you face, and cargo insurance is the only way to ensure you will be financially protected if this were to happen. 

There are certain perils that are not covered by the protection cargo insurance provides, even if you decide to get all-perils coverage. Some of the things not covered by a policy, regardless of how much it is desired, include the following: 

• Natural wear and tear over time. 
• Damage due to poor maintenance. 
• Damage is done intentionally by the policyholder. 
• Protection for animals on board. 
• Damage done by wars and riots. 

Yes. Cargo insurance protects companies even when the cargo that they are transporting is being shipped outside of Ontario, assuming you have the proper coverage. If your cargo crosses the province's border, cargo insurance will protect it from all perils specified on your policy. It is also not limited to bordering provinces such as Manitoba and Quebec. Even if your delivery goes to the other side of the country, it is protected. If you need to ship something from Toronto all the way to Vancouver, that won't be a problem. Even if you need to get something to the territories up north, your cargo insurance policy will be active and able to protect what it is that you need to carry. Please ensure that your broker knows where you are shipping to and from, as well as all places in between, so that you can get the best coverage possible. 

Yes, cargo insurance protects international trade as well. If your shipment goes to the United States, you're covered. Even if it goes further south to Mexico or the continent of South America, it will cover you. Even if you need to carry things across the ocean, such as to Australia, Asia, Europe, or Africa, you'll be fine. No matter where in the world you have to carry cargo, you and your business will be covered by the policy. If you would like to know how your policy might change based on where you will be shipping your cargo or want to adjust your cargo insurance policy to help cover new pick-up and drop-off points, please contact your Morison Insurance broker.