The Coverage

• Coverage commences from the time goods leave the shipper and/or supplier’s place of business and continues in force during the ordinary and customary course of transit to the final destination.
• Cargo is protected against “All Risk” of physical loss or damage from any external cause irrespective of percentage of loss.
• Insurance remains in force for fifteen (15) days after vessel discharge or upon delivery, whichever occurs first. Concealed damage must be reported within three (3) days of delivery, excluding weekends and holidays.
• There is no deductible.

Specific terms and conditions may vary per type of cargo. Coverage is not available for certain commodities. For a listing of these items or to obtain a quote, please contact our office.

Coverage Highlights

• Door to door coverage.
• No deductible.
• Fast claim service.
• No additional documentation. Your insured bill of lading acts as your certificate of insurance.
• Coverage directly underwritten by a reputable insurance company: Seven Seas Insurance Company, Inc.

Claim Service is Fast and Easy

To ensure there are no delays in the processing of your claim, please provide all relevant information to support your loss occurred during the coverage period.

Prompt notification for concealed damages is also essential. Concealed damage must be reported within three (3) business days of delivery.

Note: Damaged goods must be retained for presentation at time of settlement.

Claim Procedure

In the event of loss, please provide the following information:

• Your claim letter explaining the loss.
• Bill of lading.
• Invoices highlighting damaged/short items.
• Delivery receipt(s).
• Photos of damage for claims exceeding $750.00 (unless otherwise requested).
• Relevant information pertaining to shortages or damages.
• Depending on the type and extent of loss, other documents may be required.

FAQ’s

Why should I get marine cargo insurance?

Keep in mind cargo may be impacted by accidents or natural disasters at any of the points from origin to destination.

Some cargo may be less prone to loss or damage than others, but consider risks such as fire, natural disasters, theft and other type of accidents during transportation.

In addition, law and tariff restrictions limit the liability of the carrier, especially for loss and/or damage beyond the carrier’s control (For example: Acts of God).

The liability of ocean carriers transporting goods to or from the United States is limited under the Carriage of Goods by Sea Act (COGSA) at $500 per package or customary freight unit. For example, if you ship a vehicle without insurance, even if you are able to demonstrate the ocean carrier was at fault for physical damages, the maximum liability of the carrier is $500.

We offer you a solution to give you peace of mind: cargo insurance.

What is the value insured?

The insured value is the commercial value of the goods, plus total freight charges, plus 10%. The same insured value calculation is used in case of a claim settlement.

For Household Goods and Personal Effects, the value of covered property will be the lesser of:

• Declared value as has been supplied by the shipper on an itemized packing list.
• The cost of reasonably restoring that property to its condition immediately before loss or damage. Claims for repairs shall be payable for the fair market costs of such repairs.
• The cost of replacing that property with substantially identical property.

In no event shall claims exceed the insured value of the goods insured.

Can I provide a lower value to insure my goods?

We ask that you insure the actual value of the goods and not under-declare the value.

Under-declaring the value of the goods puts you in a co-insurance situation. Underwriters will not pay the full amount of any loss if the actual value of goods insured at the time if loss is greater than the reported value for those goods. Instead, underwriters will pay only the percentage of loss as the reported value bears to the actual value of goods insured according to the valuation clause.

Contact us to discuss special insured valuation needs before the date of export.

Machinery Clause: When the property insured under this policy includes a machine consisting of several parts, then in case of loss or damage covered by this insurance to any part of such machine, the Insurance Company shall be liable only for the proportion of the insured value of the part lost or damaged, or at the Insured’s option, for the cost and expense, including labor and forwarding charges, of replacing or repairing the lost or damaged part; but in no event shall this Insurer be liable for more than the insured value of the complete machine.

Exclusions

The following articles will NOT be accepted for insurance coverage:

• Antiques.
• Fine artwork – paintings, drawings, statues, rare books and other works of art.
• Fine jewelry, fine watches.
• Precious stones, diamonds.
• Precious metals and bullion (Gold, platinum, silver, and other precious metals or articles).
• Money and currency in any form (including phone cards and gift cards).
• Accounts, bills, deeds, notes, securities, stock certificates, trading stamps, valuable papers or documents, evidences of debt, letters of credit, tickets, passports, manuscripts, mechanical drawings.
• Recorded or electronic data and media.
• Contraband or property in the course of illegal transportation or trade.
• Furs / Animal Hides
• Live animals.
• Vehicles in bad condition and/or over 10 years of age.
• Boats in bad condition and/or over 5 years of age.
• Used Household Goods and Personal Effects
• Perishables carried in dry containers
• Cadavers

Approval is necessary to insure the following commodities:

• Out of gauge cargo.
• Modular trailers.
• Full load containers of used musical instruments.

Note: Glass, Tile, Granite, Marble, Ceramic and fragile items are not automatically insured if shipment is carried by rail at any point.