Marine Insurance

All posts and discussions relating to Marine Insurance and cargo claims etc..

Ever Given in a nutshell

by Categories Legal, Marine Insurance, Maritime Disasters, Maritime Law, Opinion, Shared Articles, Shipping, Vessel Operation Tags , , 3 Comments Estimated reading time = 14 minutes
Shared article

Whether for its size and status as one of the largest container ships in the world or because it was famously termed as a “boat that was stuck in a canal”, the Ever Given will remain in people’s minds either as a memorable incident (to those who worked to free it) or as a haunting incident (to the ship owner, ship operator, ship crew and soon maybe the customers)..

Muthu Jagannath of NAU Pte Ltd., provides relevant and pertinent information about the Ever Given, its arrest, the implications of the arrest, insurance and counter claims in this article originally published on their website..

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The Ever Given saga continues, amid positive news for some of the crew

by Categories Information, Legal, Marine Insurance, Maritime, Maritime Disasters, Maritime Law, Opinion Tags , , , , Leave a comment Estimated reading time = 4 minutes
Shipping and Freight Resource Press Release

With the Ever Given still “legally” stuck in the Great Bitter Lakes in Suez Canal, discussions and concerns have turned to various other issues relating to the cargo, the ship’s crew and General Average.

The “arrest” of the ship by the Suez Canal Authority (SCA) which intends to recover losses of around $916 million including $300 million for salvage bonus and $300 million for loss of reputation, has further complicated life for the ship crew who must have been having anxious moments no doubt.

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What’s next, for the Ever Given and the shipping and freight industry

by Categories Information, Marine Insurance, Maritime, Maritime Disasters, Opinion, Ports & Terminals, Shipping and Freight, Trade, Vessel Operation Tags , , 3 Comments Estimated reading time = 9 minutes
My Opinion

Many journalists and Twitteratis around the world might be having withdrawal symptoms after the Ever Given has been refloated from being stuck diagonally across the Suez Canal.. Although the vessel … Read more here..

Suez Canal Crisis and its aftermath – a legal perspective

by Categories Guest Article, Marine Insurance, Maritime Disasters, Maritime Law, Opinion, Vessel Operation Tags , , , 2 Comments Estimated reading time = 9 minutes
Executive Insights - Shipping and Freight Resource - Philip Teoh

The fragility of trade routes which had been sorely tested by disruptions caused by Covid 19, shortage of containers and increased freight rates was once again exposed when the Ever … Read more here..

Suez Canal suspends navigation as work on freeing Ever Given continues

by Categories Marine Insurance, Maritime, Maritime Disasters, News, Vessel Operation Tags , 1 Comment Estimated reading time = 4 minutes
Ever Given - Shipping and Freight Resource - Suez Canal

The Suez Canal Authority officially announced on the 25th March 2021 that navigation through the Suez Canal is temporarily suspended. Announcing the suspension, Admiral Osama Rabie, Chairman and Managing Director … Read more here..

Do I need cargo insurance for my shipment..??

by Categories Documentation, Education, Freight Container, Incoterms®, Marine Insurance Tags , , , , 15 Comments Estimated reading time = 11 minutes
cargo insurance - shipping and freight resource

Cargo insurance is a type of insurance that protects a buyer or seller of goods against damages or loss of cargo..

Despite insurance having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase” and in the case of cargo shipments, many people ask the question “Do I need cargo insurance for my shipment“..??

By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances and there is nothing more adverse than cargo damage..

From a

• Local (Street to Street, City to City, Town to Town etc)
• Provincial (Within the same province or state etc)
• National (Province to Province, State to State etc)
• Global (International trade between countries)
• Regional (Within regional trade blocs like EU, BRICS etc)

there are several modes and types of trade/shipments around the world..

Where there is a shipment, there is a possibility of cargo damage and where there is the possibility of cargo damage………………….

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All you need to know about Cargo Insurance and why you need it

by Categories Education, Guest Article, Marine Insurance Tags , 17 Comments Estimated reading time = 7 minutes
Image for Cargo Insurance
Although it may seem obvious, it is shocking to mention the least how many customers still do not take the right Cargo Insurance cover to insure their cargo comprehensively..

I don’t think anyone will intentionally not cover their cargo properly and can only assume that it is due to ignorance or lack of knowledge..

This post aims to educate everyone on what is Cargo Insurance and what steps are involved..

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Shipping your first container..?? Here are some tips to help you

by Categories Education, FAQ, Incoterms®, Information, Logistics, Marine Insurance, Questions and Answers, Shipping, Technology, Trade, Trade Finance Tags , , 3 Comments Estimated reading time = 11 minutes
first time

In anything that we do in life, the first time is a scary thought – first time on a bike, first time driving a car, first time swimming, first date, first kiss ……………….. etc..

So why should shipping your first container be any different..??

It could be a scary thought if you are a first-time exporter or importing for the first time, but like everything else, if done and handled correctly, shipping your first container can be a good experience as well..

Here are some tips to assist you in shipping your first container..

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Guidelines for claims handling and submission

by Categories Guest Article, Marine Insurance, Opinion Tags , 1 Comment Estimated reading time = 9 minutes
cargo damage

For obvious reasons, no one wants to receive cargo claims. More so, carriers who carry the cargo from A to B. It could possibly be the reason why there is a lot of misunderstanding among BCOs and OTIs about which documents are really necessary to submit and which are completely irrelevant in the process of claims recovery.

Below are some simple guidelines for claims handling and submissions. I hope this will help to make the claim submission process as efficient and as simple as possible for you.

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Does ICC (A) clauses cover cargo claims for delays due to COVID-19..??

by Categories Marine Insurance, Questions and Answers Tags , , , , 3 Comments Estimated reading time = 7 minutes
ICC (A) cargo claims COVID-19

As we have all seen, COVID-19 is causing severe imbalances in world trade which is affecting everyone, whether it is an exporter, importer, shipping line, shipowner, freight forwarder, trucker, or a spaza shop around the corner..

While ships are moving, ports are discharging and loading containers, nothing is as yet at a 100% capacity in most of the countries around the world..

Ships are facing port congestion resulting in blank sailings, containers are stuck in storage at ports, terminals, and depots around the world for later deliveries creating longer delays than anticipated and also causing yard space congestion..

In view of the delays experienced by the trade, we look at the question – Does ICC (A) cover cargo claims due to COVID-19 delays..??

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Don’t be caught out with an unseaworthy container – follow this checklist and avoid cargo damage

by Categories Education, Freight Container, Marine Insurance, Shipping Tags , , , 4 Comments Estimated reading time = 6 minutes
unseaworthy container

There are several reasons that cargo inside a container could damaged. It could be due to improper packing of cargo inside a container, incorrect container used for the cargo carried, but one of the main reasons for cargo damage inside a container is the condition of the container itself.

  • Wet damage due water ingress (rain, seawater etc) into the container ;
  • Wet damage due to condensation inside the container when an incorrect type of container is used like using a normal container instead of a ventilated container ;
  • Contamination due to adjacency risk or odor transfer ;
  • Infestation damage

are some of the common types of damages reported on cargoes that are packed in containers.

As a general rule, shipping lines reject these claims confirming that the gate out documents of the containers were clean at the time of release to the shipper. Insurance companies use Unseaworthiness and Unfitness Exclusion Clause stated in ICC (A) not to cover similar claims either, unless the insured can prove that he was not aware of the condition of the container at the time of loading.

Obviously, this situation causes a lot of frustration, feelings of injustice, and could result in absorbed losses among shippers globally.

So should the shipper simply accept this rejection of claims and move on?

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How to mitigate your losses and achieve cost saving

by Categories Freight, Marine Insurance, Supply Chain Tags , , Leave a comment Estimated reading time = 5 minutes
cost savings

The world is in the midst of the COVID-19 pandemic and the global economy has been greatly hit due to this. You may agree that during such time, it’s important more than ever to find ways for saving costs and take all measures possible to safeguard your business.

As a small or midsize business, there is no doubt that you are familiar with the stress of operating on tight margins, and you know how valuable even a small percentage of cost-savings can be to your bottom line.

However, what many small businesses don’t realize, is that their supply chain – particularly when it comes to imports – can be a significant source of cost savings!

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Precautions to take against loss due to abandoned cargo

by Categories Freight Container, Freight Forwarding, Marine Insurance, Shipping, Shipping Jargon Tags 16 Comments Estimated reading time = 6 minutes
I dont want you anymore

Abandoned cargo could be quite stressful for shipping lines, shippers, port authorities and forwarders alike and is considered to be a big headache for everyone concerned..

When a cargo is abandoned it causes severe financial losses to all parties concerned – seller, buyer, shipping line, freight forwarder, transporters, banks, Government etc etc..

It could also cause a rift in business relationships between a shipping line and their customer – whether it is an importer or a freight forwarder because it could create a blemish in the customer’s record with the shipping line..

When is a cargo considered to be Abandoned Cargo..??

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Misdeclared cargo and its investigation route – Yantian Express fire

by Categories Marine Insurance, Maritime Disasters, Vessel Operation Tags , , , , , 3 Comments Estimated reading time = 8 minutes
Yantian Express fire Investigation

On the 3rd of Jan 2019, part of the Yantian Express a 7,510 TEU, 320m German-flagged ship of Hapag Lloyd went up in flames while on its way from Colombo to Halifax via the Suez Canal..

The Bundesstelle für Seeunfalluntersuchung (BSU) or Federal Bureau of Maritime Casualty Investigation undertook an investigation on the fire on board and the results have been released..

This investigation report demonstrates that it is not all that easy to pinpoint the exact cause and reason for such incidents but it does a great job in identifying certain possibilities and also finding out other information in the meantime.. Truly interesting..

The route to the conclusions reached by the investigators is very interesting to read and shows the many important considerations that are required when preparing your cargo for export..

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