Do I need cargo insurance for my shipment..??
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………………….
Containers lost at sea..!!!! Why it happens and what to do when it happens..
As part of global trade, in 2016, approximately 130 million containers packed with cargo with an estimated value of more than $4 trillion were shipped around the world..
As per the University College London’s Energy Institute and data visualisation firm Kiln more than 50,000 merchant ships travel high seas, moving goods and commodities all over the place..
With so many containers on the move in many different routes, there are bound to be some containers lost at sea..
We examine the causes, what may prevent it and what to do when your container actually is lost at sea..
The impact of extreme weather on contracts of carriage
This interesting insight on the impact of extreme weather on contracts of carriage has been reproduced from Gard..
Will you please pack your container properly..!!
Will you please pack your container properly..!!
I can hear this cry loud and clear from many Insurance companies, P&I Clubs, Transporters, Importers and Shipping Lines and all within good reason too..
There are innumerable cases of damage to cargo, containers, personnel, lifting equipment and ships due to improper packing of cargo into containers..
Cargo damage can take many forms such as Physical, Wet, Contamination, Temperature related etc..
As per UK P&I Club, 25% of the cargo claims that they receive is due to physical damage.. Read on to understand more..
Seal number discrepancy between manifest and container – what to do..!!
Seal number discrepancy between manifest and container happens many times than you can imagine and this happens all over the world.. How and why does this seal number discrepancy happen and what steps should a consignee take when it happens..??
All you need to know about Cargo Insurance
Impact of insurance on Express Bill of Lading
Insurance is a very important item in any business transaction.. Shipping is no different..
Will there be any impact on the insurance cover taken if the bill of lading issued for the shipment is an Express Bill of Lading..??
Post fixture clause for shipbrokers
ITIC has recommended that brokers place a post-fixture clause at the end of recap messages in order to reduce the chances of exposure to severe financial loss as a result of important messages being overlooked.
Liability of the freight forwarder on Abandoned Cargo
If a cargo has been abandoned at the destination, is the freight forwarder that booked the cargo responsible or liable to the shipping line..??
Let’s see the answer to this important question..
Please support ITIC in the OSCAR charity Dragon Boat Race
On Tuesday 16 September, the inaugural OSCAR campaign Dragon Boat Race will unite members of the international shipping community for a fantastic afternoon on the water..
Please support ITIC in raising funds for the OSCAR Campaign..