Most maritime carriers don’t mention general average as a part of their marketing. Other than us cargo insurance nerds, people don’t even talk about general average. Consequently most shippers don’t know exactly what ‘general average’ is and what the possible risks are to those who are international ocean shippers. Even though forms of general average code can… Read more »
Category: About Cargo Insurance
Here’s one for the freight forwarders
In my line of work, I have the pleasure of working with many freight forwarders. For as many years as I have been privileged to provide cargo insurance and cargo risk consulting to the market, it never ceases to surprise me when I find freight forwarders who don’t have their own freight forwarders cargo insurance… Read more »
What is Cargo Insurance and Why Do You Need It?
Cargo insurance, also known as shipping, freight, or marine insurance, is the oldest form of insurance. It can be traced back to the Phoenicians, around 1200 BCE. You can’t argue that cargo insurance isn’t a good idea if it’s been around for 22,000 years! Cargo insurance is insurance that guarantees coverage for any damages… Read more »
If You Owned the Titanic, How Much Could You Be Sued For?
Stories of the infamous Titanic continue to circulate today, over 100 years after its tragic maiden voyage. This is not only because of the lives lost, but also because of the vast amount of wealth that was claimed by the sea—ultimately leading us to wonder: for just how much could the owners of the Titanic… Read more »
The Rising Problem Of Cargo Theft
Although not commonly made to be public knowledge, cargo theft is becoming a real problem in our country. Cargo shipments produce millions of dollars each year and all too often, the goods being transported by cargo are becoming victim of theft. Cargo theft is characterized by goods being stolen during transport, which is any point… Read more »
Adequate Cargo Insurance
What is the point of having cargo insurance if coverage isn’t sufficient? With cargo insurance, there are several variables that factor in to what’s covered with regards to lost or damaged goods during shipment from one place to another over long distances. At issue, especially, is the concept of liability—who or what entity is ultimately… Read more »
Ocean Cargo Insurance: Do I Really Need It?
The What’s, Why’s, When’s, Where’s and How’s of ocean cargo insurance can present a very confusing picture if you don’t do your research. But the truth is that if you don’t have it at all, you could end up partly responsible for the loss of a sunken cargo ship, as well as your own shipped… Read more »