CARGO INSURANCE-VIOLENT ACTS & TRADITIONAL CARGO INSURANCE POLICIES

CARGO INSURANCE-VIOLENT ACTS & TRADITIONAL CARGO INSURANCE POLICIES

 

                                              Article by Anastasios Maraslis
                                           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.

 

Many businesses have made the mistake of not having enough coverage or overlooking the specifics of their cargo insurance contracts. Either of these can be disastrous to your profitability and long term existence.

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.

 

Standard ‘all-risks’ cargo insurance policies may not respond to losses arising from various types of VIOLENT UNREST.

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.

 

Ask for Marasco Marine quotation by sending us your request at:

info@marasco-marine.com

MARASCO MARINE LTD, (est. 1991).S.T.I.C BUILDING
Piraeus, Greece
+30 210 4180 000  tel. (ext.103)
+30 210 4529505   fax.
info@marasco-marine.com
www.marasco-marine.com 

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