Ocean Cargo Insurance
Ocean cargo insurance (marine cargo insurance) is an important step for protecting your cargo from damages during export shipments.
Under the Carrier of Goods by Sea Act, ocean carriers are responsible for the seaworthiness of the vessel, properly manning the vessel, and making the vessel safe for carriage of the cargo. The ocean carrier is NOT RESPONSIBLE for negligence of the master in navigating the vessel, fires, dangers, and accidents of the sea, acts of God, acts of war, seizures, strikes, riots, inherent defect, insufficiency of packing, quarantine restrictions and any other causes arising without the actual fault of the ocean carrier.
Without transportation insurance, even when carrier can be proven liable, responsibility is limited to $500 per “package” on ocean shipments.
Under certain INCOTERMS (commonly used in international shipping & trade) your company may be responsible for purchasing transportation insurance. For example, if you’re selling your products to a buyer in Europe based on CIF terms (Cost Insurance Freight) you must pay for international transport plus shipping insurance. If anything happens to the cargo during the overseas transit – you won’t be responsible for it. Buyer/Consignee already paid for the merchandise which may never arrive. It would be wise for the exporter to purchase transport insurance to cover the risks of loss or damage. If you’re a private party moving household goods from one country to another the question about buying shipping insurance or not shouldn’t even come up. Your personal items, furniture, art, cars, motorcycles, motorhomes, boats, etc are your investments that may not be easily replaced. Having your assets protected gives you a peace of mind.
Marine Transport Logistics can provide an affordable options for ocean cargo insurance. You would be surprise how inexpensive it is.
Please contact us for more details