Marine Cargo Insurance
Protect Your Cargo in Transit
When your cargo is in transit, it is prone to risks such as damage or loss. Should a loss occur due to transport accident, the carrier liability is usually not enough to cover the value of the freight.
Take steps to protect your cargo to help anticipate any business interruptions.
Benefits of Cargo Insurance
- You minimize your financial loss even if your shipment is damaged or lost. The small investment (a.k.a. the premium) you pay provides peace of mind as your goods leave your warehouse.
- Your cash flow is protected from unforeseen stoppages
- Profits are still generated if coverage includes it
- Simplified reporting of losses
General Average and What It Means to Your Cargo
What is General Average?
General Average is a principle of maritime law that essentially establishes that all sea cargo stakeholders (owner, shipper, etc.) evenly share any damage or losses that may occur as a result of voluntary sacrifice of part of the vessel or cargo to save the whole in an emergency.
- This type of claim arises when the conveyance encounters a peril so devastating that the captain and crew must take extreme measures to protect the majority of the freight.
What It Means To Your Cargo
Every participant in the conveyance is asked to participate in the loss and/or damage. The value of the cargo of all shipments and the vessel’s equipment, as well as, the vessel itself is averaged. All parties pay a portion, even if your cargo was not affected. While your cargo’s value may be minimal, other shipper’s cargo may not be. Paying a portion of the averaged value may be a hard hitting sum.
However, cargo owners carrying cargo insurance will not need to carry this burden. Should this occur, they should notify their Underwriters immediately so the guarantee is paid by the Insurance Company.
When was the last time you have reviewed your policy?
Get peace of mind and let us help you. We offer marine cargo insurance on your ocean freight, air freight, and foreign-to-foreign shipments.
However, cargo owners carrying cargo insurance will not need to carry this burden. Should this occur, they should notify their Underwriters immediately so the guarantee is paid by the Insurance Company.
When was the last time you have reviewed your policy?
Get peace of mind and let us help you. We offer marine cargo insurance on your ocean freight, air freight, and foreign-to-foreign shipments.