Traces of cargo insurance were found as early as 3000 B.C. Traders looked for ways to protect their financial interest against physical loss or damage to their cargo during transit. By the 17th Century, London emerged as the hub of international cargo and marine insurance.
Cargo insurance protects freight from natural disasters, fire, theft, collision, piracy, or simply mishandling by carriers.
Marisol Cargo Insurance Services Feature
|Competitive Standard Rates |
|Special Quotes for Large Volume Shippers |
|High-Risk Coverage |
|Insurance Certificate Preparation |
|Shipping Records Retention |
|Claim Filing |
|Rapid Response |
|Protection From *General Average Exposure |
Due to the volume of insurance Marisol International purchases, you will receive competitive rates and coverage for most shipments.
Additionally, because Marisol works with a transportation insurance broker, you often have access to coverage for “higher risk” commodities.
Marisol maintains shipping records with most of the relevant information needed to file a claim. You will not have to handle any administrative issues dealing with insurance. We take care of preparing certificates of insurance, mailing reports to the insurance company, and filing claims on your behalf.
Carriers *limit their liability in the event of a loss. In fact, no carrier is obligated to pay for a loss that occurs beyond their control and is not directly caused by their negligence. Remove the burden of proof from the equation – insure your cargo against physical loss or damage.
Contact your Marisol representative to initiate cargo insurance coverage or, to obtain more.
*MARITIME LAW OF GENERAL AVERAGE
General Average means, literally, a general loss. Specifically, it’s an ocean marine loss occurring through the voluntary sacrifice of a part of the vessel or cargo, or simply an expenditure made to safeguard the vessel and its remaining cargo from a common peril. If the sacrifice is successful and the vessel is saved, all interests at risk contribute to the owner of the sacrificed property’s loss based on their respective saved values. A party can insure their portion of such a loss under a marine cargo policy.
When General Average is declared, it is the vessel operator’s responsibility to see that all cargo interests contribute to the General Average fund or furnish security for such contribution. The vessel has a lien on the cargo for the cargo owner’s share of the General Average payment to be made. Such cargo is generally delivered free of lien when the cargo owner, or their marine cargo insurer, puts up an undertaking or cash bond. If the cargo insurance is purchased, the insurance company provides any contribution required for the loss. While this type of scenario would seem rare, the economic consequences to an importer who is not insured could be catastrophic. Lloyd’s of London recently reported that, on average, one ship sinks every day.