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What is shipping insurance?
Shipping insurance is a variation of an ocean marine policy. Basically, it is insurance that covers the value of the package(s) you are shipping. If your package is lost, damaged, or stolen in transit, shipping insurance will ensure that your package is covered for replacement cost. Carriers such as USPS (United States Postal Service), UPS, FedEx, DHL, Canada Post, and most common freight carriers (land/ocean/air) offer this insurance for a cost of around $1.50 per $100.00.
Maritime insurance is similar and comes at a cost of 3% usually. Any shipment of value is recommended to carry a declared value insurance.
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