How do you ship your merchandise worry and stress free? With recent shocking news about piracy and hijacking it has become more complex to find trust and reliability of shipping cargo. However, life goes on and you need to transport your goods. How would you protect your safety in shipping endeavors? Is it possible to completely secure your cargo and what would happen if the goods will get damaged?
The answer to all these questions is marine insurance. Marine insurance used to cover the loss or damage of the shipment, cargo or other transport by which goods are transported from one destination to another. Acquiring marine insurance services means that all the goods, vehicle and other merchandise will be transported safely and with complete security. Under certain rules in international shipping and trade your company should provide a purchase of transportation insurance. Different options are available when choosing your coverage. For example, Cost Insurance Freight (CIF) would cover your cargo if you’re transporting your products to Europe. It is means that you must pay for international transport plus shipping insurance.
FOB terms (Free On Board) are the terms that apply to the important merchandise for which the seller is responsible up until they are loaded on board as cargo at the port of origin. In this case the seller is free of responsibility for the cargo while it is in transit. Since the company has already paid for the cargo which may never arrive, it would be prudent to acquire transport insurance to cover for the risk of loss or damage.
It is optional to use individual watercraft insurance. This type of protection targets non-commercial usage watercraft and it covers property losses and cargo liability coverage. Automobile industry can use a Hull and machinery (H&M) insurance which covers loss of complete ship and not just part of it.
Many other insurances exist which will give you peace of mind and satisfaction with your shipment.
Always remember to ask your shipping company about types of coverage available. RCL is ready to answer all of your questions and offer professional solution to move your cargo from one place to another.
While the acts of piracy within the shipping market have been included within the insured perils, there has been reluctance to allow an all too easy recovery of such claims due to the common and civil law jurisdictions. Piracy, however, is to remain an insured danger as otherwise the consequences would be detrimental.