Ketentuan Pengiriman
Force Majeure Insurance
Did you know? Force majeure insurance covers ₹25,000 crores in supply chain disruptions each year. Freight forwarding companies invest ₹2-15 lakhs in premiums to safeguard against business losses from natural disasters, pandemics, and other extraordinary events beyond their control.
Coverage Scope and Policy Structure
Force majeure insurance protects against business losses from extraordinary events such as natural disasters, pandemics, government actions, labor strikes, and infrastructure failures that interrupt normal operations. Coverage usually includes lost revenue, extra expenses, customer claim settlements, and recovery costs. Policy limits range from ₹50 lakhs to ₹100 crores. Freight forwarding companies assess force majeure risks, determine coverage needs, and create insurance programs that guard against major disruptions while keeping operations running smoothly during crises.
Claim Management and Recovery Procedures
To succeed with force majeure claims, policyholders need thorough documentation of the event's impact, business losses, mitigation actions, and recovery expenses. Insurance companies often ask for detailed financial records, assessments of operational impact, and recovery plans to process claims effectively. Freight forwarding companies keep organized claim documentation, follow business continuity plans, and work with insurers to ensure quick claim processing and support during force majeure events.
Risk Assessment and Premium Management
Force majeure insurance premiums depend on business risk profiles, operational exposure, coverage limits, and claims history. Rates typically range from 0.5-2% of coverage limits each year. Freight forwarding companies take part in risk management programs, prepare business continuity plans, and implement operational resilience strategies, which may help lower premiums while improving protection against force majeure events. Risk reduction strategies include diversifying operations, planning for emergencies, setting up backup systems, and having crisis management capabilities that lessen exposure and show the insurance underwriter's commitment to managing risks effectively.