Goods in transit are not automatically covered by insurance. Marine insurance is the type of insurance you should have during the actual shipment.
In the course of international transportation / shipping, a number of events may happen, such as pilferage, water damage, accident damage, to the declaration of General Average – cargo is always at risk and it is our desire to make sure that our customers are aware of the importance and benefits of insuring their cargo.
Before deciding that Marine insurance coverage is not needed, you should be aware that the maximum liability for any steamship line as per a law passed by Congress known as the COGSA (Carriage of Goods by Sea Act) is $500 per unit or as per the terms and conditions of the Steamship Line’s / Carrier’s Bill of Lading.
Some insurance companies may have marine coverage included within your current policy. We suggest and encourage you to contact your insurance company to inform them of your planned shipment and also to inquire if marine coverage is included within your policy or if they can provide it to you.
General Average is an Ocean Marine term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining property or the vessel/ship (jettison). If a ship owner declares General Average, the cargo owners will be required to share in the loss in proportion to their total interest in property being transported. Marine Insurance should include General Average coverage. Please confirm with your insurance company that General Average coverage is included within your insurance policy.
All Ways can assist you in obtaining Marine Insurance Coverage at an affordable and competitive rate and upon request we will be happy to obtain a Marine Insurance premium rate for you and on your behalf.