Commercial
Marine Cargo and Inland Transit Insurance
Reassurance from door-to-door
In an increasingly globalised world, shipping goods from place to place and country to country is part of everyday life. Supply and demand dictate that an enormous variety of goods are moved all over the world. And most people think that while the goods are on the move, they are insured by the carrier. Unfortunately they’d be wrong. Any goods which are being shipped are subject to a Bill of Lading.
The bill is designed to protect the carrier, rather than the owner of the cargo and it stipulates very clearly the maximum amounts for which the carrier is responsible. These limits are very low if the goods are shipped by truck - the maximum amount the trucker is responsible for is $2.00 per pound. If the goods are shipped by air, the maximum amount the airline is responsible for is US$20.00 per kilo and if the goods are being shipped by ocean freight the maximum liability of the shipping company is 2SDR (Special Drawing Rights) or around $3.00 per kilo. So if a Rolex watch (worth about $20,000) is lost in transit the airline would only have to give you $20 as compensation – a long way from its true value, because it is so lightweight.
Even if you have declared the full value of your shipment, the carrier does not guarantee that you will be compensated in full for any losses. As you are not getting direct damage insurance, you are merely increasing the limit for the carrier’s legal liability. At Axis Insurance we always advise our clients to control the insurance on their goods while in transit, rather than rely on the carrier’s insurance. By choosing a transit insurance policy from Axis Insurance Managers Inc. you can rely on a company that speaks your language and knows what type of coverage you are buying including its limits and deductibles. You can be reassured that the premium the carrier pays to his insurance company is factored into the cost charged to you to transport the goods. And you won’t have a settling agent from overseas who has no incentive for quick settlement as you are not their client.
Whether your shipment travels across the ocean, over land or through the air any mode of transport is subject to varying degrees of risk which need different types of insurance. Whatever you’re shipping and however you’re shipping it, our approach at Axis Insurance is simple. We want to understand your operations, as well as how you do business. That way we can help you reach your financial objectives by reducing the risk-related costs. The expert team at Axis has many years of experience in transit and cargo insurance and has developed a technical expertise which enables us to identify certain risks that could be crucial to your business and which gives us the flexibility to modify policy terms and conditions to fit your specific needs.
Whatever your shipping needs – large or small – Axis Insurance can help. You can count on Axis to give you the advice and protection to safeguard your property and business.
Benefits of Marine Cargo and Inland Insurance coverage from Axis Insurance Managers Inc. include:
• A specialist team with knowledge of all types of cargo, shipping and transit insurance
• Coverage available for cargo (road, rail, sea, post) as well as war and strikes risks, foreign inland transit, storage, exhibitions, stock throughputs and trade disruption on time-sensitive goods.
• We monitor all claims and work tirelessly to advocate on your behalf to ensure the claims process stays on track
• An truly tailored approach – we get to know your business and ensure your insurance matches your needs
• We will provide in-depth comparisons of insurers’ policy wordings and make recommendations
• We are constantly educating ourselves and staying ahead of market trends and developments
• Our relationships with insurers means we can negotiate special changes and policy features as necessary
• We are constantly educating ourselves and staying ahead of market trends and developments
As with every insurance policy there are different options, policy wordings, enhancements or amendments available. Your Axis insurance manager will be able to help create a tailor-made policy to suit your exact requirements.
To find out more about Marine Cargo and Inland Transit Insurance, or to discuss your existing insurance policies, please give one of Axis Insurance’s professional and experienced team members a call at 604.731.5328 or email: info@axisinsurance.ca. We would also be pleased to outline the benefits of Marine Cargo and Inland Transit Insurance with your management team or board members. If you would like to schedule a meeting or request an application form, please call Tony Davis directly at 604.708.6249, or David Marsh at 604.708.6242, or Jason Fogal at 604.708.6240.
