Marine Instructional

Shipping Company can help you with Insurance

I have explained in previous articles, that if something goes wrong with your export or import shipment and is lost or damage during international transport movement, is unlikely to be eligible to receive the full value of the company's products. The carrier Goods normally only pay compensation if they have proven to be the culprit. In addition, your obligation to pay compensation is limited according to the conventions international (eg the CMR Convention to the carriage of goods by road) and its standard trading conditions.

The best way to ensure you can retrieve the actual value of the property damaged or lost while being transported goods is to arrange specialist "in transit insurance. Like home and buildings insurance, you pay a premium and this will allow you to make a complaint when needed.

It's easy enough to find a safe home and contents - we are constantly being bombarded with ads telling us to use comparison websites to get the best deal for all our insurance requirements personal. However, insurance is not that easy of "goods in transit" to get the best type of coverage for your particular needs, it is necessary find a broker specializing in this type of insurance.

But this can not be a worthwhile option if you only have a small number of international shipping per year, or simply do not have time to do research. That is when the freight forwarder can help.

Many shipping companies reputable goods are able to offer 'in transit' insurance on a "per shipment" basis using its own policy Open coverage. This usually means that you pay a small premium. The premium is based on CIF (Cost Insurance and Freight) value of the products and the risk profile of the locations geographical interest to the movement. The CIF value is made up of the value of the goods, plus freight plus ten percent.

The company shipping can quote this when they give you a price for goods movement. The transportation company will issue a Certificate of Insurance, which will produce where the need to make a claim. When marine insurance cover has been removed, the cargo owner only needs to have evidence of loss to make a claim, whereas to make a liability claim against the carrier must prove that the company was to blame.

You need to confirm your instruction to ensure in writing prior to the import or export shipment started, but this can be done easily via mail.

In short, it is always advisable to ask shipping companies to quote for goods in transit insurance, if you have your own products annually transit policy. Thus, you can claim for the total value of goods and the invoice value of goods if the goods are lost, instead of settling for limited compensation.

About the Author

Stephen Willis is Managing Director of
RW Freight Services
a UK based freight transport company, established in 1971 and operating
worldwide freight forwarding services

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