Cargo Risks: From the High Seas to the Home Front

Of course, risks also exist on the high seas

Of course, risks also exist on the high seas. Containers and their goods are damaged everyday while in transit, not to mention statistics show that every importer will be involved in a general average case once every eight years. With the risks on the high seas and those on your home turf, TRG Marine suggests you take a look at your cargo insurance policy and review your coverage.

Types of Cargo/Shipping Insurance

Annual All-Risk Policy

An all-risk policy cargo insurance policy will cover any physical loss/damage from any external cause. An all-risk policy will list any exclusions that are not covered, which can be added on to the policy as an additional clause. Theft and General Average are covered. This is the way to go, more coverage with better rates.

Annual Name Perils Policy

Named perils policies will list what is covered under the policy. These policies will not cover theft! Make sure to read through your policy for missing coverage.

Shipment - by - Shipment (Through a carrier)

If you are insuring your goods shipment-by-shipment, you are most likely not covered for:

Acts of God - e.g. heavy weather, earthquake, lightning, fire etc

Acts of war - acts of strikes, riots or civil commotions

Latent defects in the hull or machinery

Criminal acts or negligence by the master or crew

Unseaworthiness of the vessel

C+I+F

The seller owns the goods until they are loaded onto the vessel. The selling price includes all costs so far, plus the costs of the cargo insurance. Language barriers can become an issue with CIF. The insurance company providing coverage is overseas, and when a claim must be mitigated, the importer must deal with the overseas provider.

Cargo Risks: From the High Seas to the Home Front

By: Jena Leary

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