Freight insurance services

CPC v2.1 Code: 71333

About freight insurance services

cpc code 71333 covers the provision of freight insurance services, which play a crucial role in the import/export industry. Freight insurance protects businesses and individuals against the risks associated with the transportation of goods, ensuring that their investments are safeguarded in the event of loss, damage, or theft during the shipping process. This service is essential for maintaining the smooth flow of international trade and supporting the broader economy.

Production process

Freight insurance services typically involve a thorough assessment of the risks associated with a particular shipment, including the mode of transportation, the value of the goods, and the potential hazards along the route. Underwriters then use this information to determine the appropriate coverage and premium for the policy. The process may also involve negotiating terms with the client, processing claims, and maintaining detailed records to ensure compliance with regulatory requirements.

Production inputs

The main inputs required for the freight insurance industry include a team of experienced underwriters, actuaries, and claims specialists who can accurately assess and manage the risks associated with each shipment. Additionally, the industry relies on access to comprehensive data on shipping routes, transportation modes, and historical claims records to inform their risk assessments. Specialized software and information systems are also essential for processing policies, tracking claims, and maintaining regulatory compliance.

Production outputs

The primary output of the freight insurance industry is the provision of insurance policies that protect businesses and individuals against the risks associated with the transportation of goods. These policies can cover a wide range of scenarios, including 52211 Freight transportation arrangement, 48411 General freight trucking, local, 48412 General freight trucking, long-distance, and 48421 (Specialized freight (except used goods) trucking, local). The industry's services are essential for facilitating international trade and supporting the broader economy.

Family tree for freight insurance services

    graph LR
    A["<a href='/classifications/cpc/v2-1/7'>7: Financial and related services; real estate services; and rental and leasing services</a>"]
A --> B["<a href='/classifications/cpc/v2-1/71'>71: Financial and related services</a>"]
B --> C["<a href='/classifications/cpc/v2-1/713'>713: Insurance and pension services (excluding reinsurance services), except compulsory social security services</a>"]
C --> D["<a href='/classifications/cpc/v2-1/7133'>7133: Other non-life insurance services (excluding reinsurance services)</a>"]
D --> E["<a href='/classifications/cpc/v2-1/71333'>71333: Freight insurance services</a>"]

    D --> F["<a href='/classifications/cpc/v2-1/71331'>71331: Motor vehicle insurance services</a>"]
D --> G["<a href='/classifications/cpc/v2-1/71332'>71332: Marine, aviation, and other transport insurance services</a>"]
D --> H["<a href='/classifications/cpc/v2-1/71334'>71334: Other property insurance services</a>"]
D --> I["<a href='/classifications/cpc/v2-1/71335'>71335: General liability insurance services</a>"]
D --> J["<a href='/classifications/cpc/v2-1/71336'>71336: Credit and surety insurance services</a>"]
D --> K["<a href='/classifications/cpc/v2-1/71337'>71337: Travel insurance services</a>"]
D --> L["<a href='/classifications/cpc/v2-1/71339'>71339: Other non-life insurance services</a>"]

    

    %% Color coordination by level

    classDef level1 color:#000,fill:#a8f9ff,stroke:#333,stroke-width:2px
    classDef level2 color:#000,fill:#e0a458,stroke:#333,stroke-width:1px
    classDef level3 color:#000,fill:#419d78,stroke:#333,stroke-width:1px
    classDef level4 color:#000,fill:#c04abc,stroke:#333,stroke-width:1px
    classDef level5 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
    classDef level6 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
    classDef highlight color:#000,fill:#fff,stroke:#000,stroke-width:5px



  %% Apply classes
  class A level1
class B level2
class C level3
class D level4
class E level5
class F level5
class G level5
class H level5
class I level5
class J level5
class K level5
class L level5

  class E highlight

  %% class A level1
  %% class B,C level2
  %% class D,E,F,G,H,I level2
  %% class J,K,L,M,N,O,P level3
  %% class E highlight