Learn about actual and potential costs
How much should I pay for Cargo Insurance?
What is the average price of Cargo Insurance?
This procurement report includes pricing information to help you purchase Cargo Insurance. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Cargo Insurance been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Cargo Insurance yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Cargo Insurance?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Cargo Insurance with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
The top four suppliers of cargo insurance account for less than 30.0% of total market revenue, indicating a low level of market share concentration. High fragmentation stems from low barriers to entry, which have allowed an influx of new suppliers, chiefly cargo transportation companies, to enter the market during the... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
What transportation vehicles and types of cargo do you exclude?
Can you provide coverage for shipments already in transit?
Do you require a minimum volume of shipments to maintain an open cargo policy?
Does the cargo have to terminate or originate in the United States?
In what geographic regions in the United States and abroad is the insurance carrier an admitted one?
Do you provide advanced or partial payment for claims?
Amid widespread health concerns, do you offer clients any flexible exceptions, such as contract suspensions?
Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased or reduced demand?
Cargo Shipment Experience
What types of cargo shipments are you most familiar with insuring (in terms of transportation method and type of product)?
What is the average size of your cargo insurance clients (e.g. shipment value and volume of shipments)?
What percentage of your clients requires coverage abroad?
Can you describe the typical risks cargo is exposed to in the supply chain?
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Key elements for every RFP
What should my RFP include?
Buyers should request a detailed breakdown of insurers’ premium rates, deductibles, etc.
Buyers should outline any other costs for which insurers are responsible (e.g. mailing documents).
Buyers should evaluate insurers based on their costs.
Buyers should evaluate the quality of insurers' policies (e.g. level and adequacy of coverage).
Buyers should evaluate insurers' market experience and financial performances.
For other selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers should include the date when proposals are due and any other relevant dates (e.g. presentations or final interviews) prior to the contract award.
Buyers should include the date the contract begins and ends, as well as any options for contract renewal.
Evaluate major factors to mitigate risk
How risky is the supply chain?
The supply chain risk in the market for cargo insurance is moderate. Cargo insurers source inputs from a number of upstream suppliers, such as copier and office equipment wholesalers, computer and package software wholesalers, portfolio management firms, reinsurance providers and IT consulting firms. Although spikes in some of these inputs... Subscribe to learn more.