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Did you know? Air cargo theft increased by 42% globally in 2023, making insurance essential for high-value Indian exports like pharmaceuticals and electronics worth $180 billion annually.

Coverage Scope and Importance

Air cargo insurance protects valuable shipments during transportation from Indian airports including Mumbai's Chhatrapati Shivaji International, Delhi's Indira Gandhi International, and Chennai International. This coverage is crucial for pharmaceuticals, electronics, textiles, and gems where air freight values often exceed $50,000 per shipment, making potential losses significant for Indian exporters.

Risk Factors and Premium Calculation

Insurance premiums typically range from 0.1% to 0.5% of cargo value, depending on commodity type, route, and security measures. High-risk factors include theft-prone airports, political instability in destination countries, and handling multiple transfers. Indian pharmaceutical exports to Africa carry higher premiums due to increased theft risks, while electronics to Europe benefit from lower rates due to enhanced security protocols.

Claims Process and Best Practices

Leading insurance providers in India offer 24/7 claims support and typically settle air cargo claims within 30-60 days. Essential documentation includes air waybill, commercial invoice, packing list, and damage/theft reports. Freight forwarding companies recommend declaring accurate values, using tamper-evident packaging, and maintaining comprehensive photo documentation to expedite claims processing and ensure full recovery.