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Every business involved in international or domestic trade needs to protect itself from financial losses arising from damage and/or loss to cargo in transit.
Theft, pilferage, water damage, fire, explosion, crushing or puncturing and containers washing overboard are all examples of the perils cargo faces on its journey.
The National Cargo Security Council estimates the financial impact of cargo losses exceeds $50 billion annually. Cargo losses should be considered regular events and not extraordinary or unusual.
Eighty-three percent of all cargo losses are preventable. Thirty-three percent of the preventable losses are theft, pilferage and non-delivery and, 17% are unpreventable loss and/or damage.
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