CARGO
INSURANCE-VIOLENT ACTS & TRADITIONAL CARGO INSURANCE POLICIES
Article by Anastasios Maraslis
President/Director
(Marine Insurance Broker since 1983)
President/Director
(Marine Insurance Broker since 1983)
Shipping cargo, port
to port via sea routes, is a risky business.
Once your cargo
is out of your custody, you are relying on the experience and expertise of the
people loading your cargo, transporting it and delivering it.
This is why it
is critically important to have proper cargo insurance coverage.
Water ingress in
cargo holds, loading or discharging operations can cause cargo damage and cargo
going overboard are just few risks to mention. There are also risks associated
by shipping via air, shipping via rail, or even sending your goods across
country on a truck. Goods get lost, stolen and damaged.
As cargo
owner/receiver make sure that you have properly covered all potential risks
your cargo is exposed to and if it is worthwhile paying a little more for a
broader cargo policy.
Recognize that
the cheapest cargo insurance policy is not necessarily going to be the best
choice.
Ask yourself, “Am
I willing to have less coverage and gamble that my valuable cargo will arrive intact
and safely? If you are in business to stay in business, you need to select
excellent coverage with cost being a secondary factor.
Traditional cargo insurance policies typically
exclude certain losses, such as those arising from civil war, insurrection,
rebellion and terrorism for goods in store. Meanwhile, political violence
policies, which typically respond to these types of risk, usually exclude
transit exposures and cover fixed assets rather than stock.
Marasco Marine, since 1991 has the expertise
and exact policy wordings to protect cargo in transit and in store against all
types of political violence, terrorism and war risks.
The definition of violent acts is open to
interpretation. The violence in Syria, for example, has been inconsistently
reported as a civil war, a rebellion, and an insurrection. And yet how these
events are defined has a critical bearing on whether or not insurance policies
will respond.”
Marasco Marine can cover all your cargo
exposures, regardless of whether that cargo is on land or at sea, in transit or
in store.
Piraeus, Greece
+30 210 4180 000 tel. (ext.103)
+30 210 4529505 fax.
info@marasco-marine.com
www.marasco-marine.com
