Shipping insurance is the process of paying premiums to a third party (insurer) in exchange for that third party assuming the risk (liability) that the third party would otherwise never have.
Every state has a Department of Insurance (DOI) or Office of the Commissioner of Insurance (OCI) to oversee and regulate insurers and agents. They ensure insurers are financially able to cover the liability they are insuring, and that agents are compliant with all federal and state regulations.
Insurance agents or insurance brokers make insurance available to merchants, collect the premium and send that premium to licensed insurers.
An insurance agent or broker is required to carry a license for every state they are selling insurance in.
Customers are given the option to include their shipment on a commercial inland marine insurance policy that provides coverage for the entire shipment process.
This commercial insurance policy covers the item from the time it leaves the merchant’s warehouse until it is in the customer’s hands and they are satisfied with the product.
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