On August 31st this year, Hanjin shipping, the world’s seventh largest shipping line filed for bankruptcy, causing disruptions to the international trade market, as ships, cargo and crews were stranded after being denied access to ports around the globe.
In light of this, we would like to remind our clients about the importance of insuring your cargo, ascertain the cover is adequate for the risks involved and compliance of the insurance conditions is met.
Shipping lines, Airlines and Carriers a like tend to limit their liability for the loss of, or damage to cargo through contractual arrangements; either as standard terms and conditions of trading, or by contracts of carriage.
ICAL offers a door to door insurance policy, which can be arranged on a shipment by shipment basis. AUD$70 can cover an insured value of up to AUD$25,000 (depending on the commodity, origin and destination).
Some key points on what ICAL’s door to door insurance policy covers;
· Damages caused by packing/unpacking the container/cargo
· Any pillage or loss from collections from your overseas supplier right up to delivery in Australia
· Concealed damage for up to 90 days after arrival
If you would like further information on our insurance policy, or to discuss how it may be of benefit to your business, please contact Mark Coleman or Nicholas Watts on 1300 00 4225
The above advice is of a general nature only. Policy conditions can be provided on request and need to be read in their entirety to ensure the policy is right for you.