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Cargo insurance
The requirements of each client are unique. To provide custom cargo insurance coverage that is supported by market-leading capacity, flexible underwriting, strong financial ratings, and quick claims processing, we closely collaborate with risk managers and brokers.
Product Information
Annual, open, and short-term cargo insurance for domestic and international shipments
Complex, higher hazard, non-standard, and unusual cargo risk solutions
Fine art and valuable goods covers
Marine storage insurance
Project cargo with optional cover for consequential loss
Shipment insurance products for higher volume and lower value deliveries
Single shipment cargo insurance
Transport operator's freight liability with cargo protection options
Truck cargo insurance
Product Description
Every client's needs are different. That's why we work closely with risk managers and brokers to offer custom cargo insurance coverage, backed up by market-leading capacity, flexible underwriting, strong financial ratings, and fast claims handling.
We have the hands-on experience needed for any type of cargo insurance claim, from simple to complex losses (e.g. general average and piracy).
And our recovery services focus on reducing the financial impact of loss, paying special attention to salvage and subrogation solutions, helping to reduce clients' net losses and lower program costs.
Risks and measures
Common risks associated with the transport of goods are damage, loss, or theft.
Damage: This includes goods that get scratched, dented, or wet in transit.
The sender is responsible for ensuring that the consignment is suitably packed. If a consignment has damaged or inadequate packaging when the carrier receives it, the carrier records this fact on the transport documentation. In the case of air or sea freight, if the goods inside are visibly damaged upon receipt by the consignee, then the carrier is held directly liable. In the case of road transport, a note written on the transport documentation is sufficient. In all cases, notice must be given immediately and in writing. If the damage to the consignment is not immediately visible, the carrier must be informed within three working days that it is to be held liable in the case of air or sea freight, or within seven working days for road transport. The goods are usually delivered to the consignee even if they are damaged unless continuing to transport them is pointless or impossible.
Lost or stolen goods: This includes the loss or demonstrable theft of part or all of the consignment. In such cases, it is important to demonstrate that the loss or theft occurred during the transportation of the goods. In principle, a loss is indicated with a note on the transport documentation which lists the contents and quantities of the consignment. The carrier signs the transport documentation when it receives the consignment. If the consignee discovers a loss upon receipt and makes a note of it on the transport documentation, this serves as evidence that the loss occurred in transit.
Theft must be proven, for example with the aid of CCTV footage. Any case of theft must always be reported to the police, and the responsibility for doing so lies with the party in possession of the consignment at the time of the theft. If there is no actual proof of theft, the incident is treated as a loss.
If just part of the consignment is lost or stolen, the affected party is compensated on a pro-rata basis. In the event of loss or theft of air or sea freight, the carrier is held directly liable. For road transport, a note on the transport agreement suffices.
Delays: Late delivery of goods can sometimes lead to financial losses, known as ‘consequential damages’ or ‘special damages. Carriers and freight forwarders rarely accept liability for damages of this kind. At most, they are required to reimburse the freight costs paid if mistakes or negligence can be demonstrated. It is not usually possible to insure against consequential damages. This is because it is difficult to quantify the exact extent of such losses and to estimate the associated level of risk.
General average (sea freight only): This does not happen often, but is important to keep in mind. General average refers to collective damage to both a ship and its cargo. If a ship is in danger, it may be necessary to make sacrifices to safeguard the ship itself, its crew, and its cargo. All the costs associated with the salvage operation including the value of any goods sacrificed are shared proportionally between the ship owners and the cargo owners. In practice, this means that the consignor of the sea freight bears part of the costs. However, it is possible to insure against such risks.
