Saturday, July 22, 2017

Insurance

insurance

Laparkan strives to handle every one of its customers shipment with the utmost attention and care. However, the vagaries of the physical transport and handling process across multiple modes are inherently open to risks and possibility of inadvertent damage. Laparkan as most other reputable Carriers offer its customers the service convenience of insuring their valuable cargo, using leading insurance providers. We offer very competitive pricing and different types of insurance coverage. Please ask us for our very affordable insurance quote for your shipment.

THE NEED FOR CARGO INSURANCE

Shippers are exposed to countless financial risks when they opt not to insure their international shipments. The best way to protect against potential financial loss is to purchase ‘All Risks’ insurance coverage bearing in mind that the Transportation industry regulations only allow for limited liability coverage on shipments as set out below:

 

Air Shipments                                    Ocean Shipments

US$20.00 per kilo or $9.07 per lb    US$500 per Customary Shipping Unit (CSU)  

All-risk insurance offers the most comprehensive coverage against loss or damage from external causes. However there are ‘exclusions’ so Shippers still are required to ensure that their cargo is properly packed, free from infestation, complies with Customs and Hazardous regulations amongst others. It is very important with all Insurance that you inquire what types of losses are not covered and what is excluded.

Most cargo insurance offers warehouse-to-warehouse protection. This means that the insurance covers goods from when cargo leaves the shipper to when they arrive at the buyer's warehouse. However, beware that the insurance may not take effect until the goods are placed on the ship, plane, train or truck and it may not cover goods after they have left the vehicle and entered the warehouse or customs shed. This type of coverage also may not cover any goods that are picked up and brought to the shipper by another party, such as a courier.

Marine insurance has some peculiar factors that shippers should be aware:

General average can be declared by a Carrier when for example a fire destroys part of the cargo, or when containers are lost overboard in a storm. A ‘General average’ demand requires all the owners of cargo on the ship to contribute to the compensation of those whose cargo was lost. Particular average is a similar type of insurance, in which some, but not all, of the cargo owners must compensate the person or company who lost cargo. Carrier insurance covers situations in which only partial loss of the ship's cargo occurs. For example, when a fire destroys part of the cargo, or when one container is lost overboard in a storm. General average insurance requires all the owners of cargo on the ship to contribute to the compensation of those whose cargo was lost. Particular average is a similar type of insurance, in which some, but not all, of the cargo owners must compensate the person or company who lost cargo.

Free of particular average cargo insurance covers loss from specific perils. In ocean shipping the exact losses covered may also depend on where on the ship the cargo is stored--whether it is on deck or below deck. Perils covered usually include sinking, heavy weather, burning, collision, earthquake, derailment, fire, theft and nondelivery.

CLAIMS

The most common problem with marine cargo insurance claims is that few claimants know what to do in the event of a claim.  This lack of knowledge is what often creates havoc in documenting and processing claims.

PROCEDURES

CONTACT YOUR LAPARKAN REPRESENTATIVE WHEN IN DOUBT OR WITH ANY QUESTIONS ON HOW TO PROCEED.

Prepare a preliminary claim form and send it to the carrier for signature.  LPK has a claims package that includes the required forms If pilferage or damage has occurred, a survey may be required.  As a general rule, amounts under $500.00 DO NOT require a survey.  If the damage is noted, you are to stop unloading or unpacking until a decision has been reached on the need for a survey.  Failure to follow these instructions may prejudice any future recovery.  DO NOT discard any dunnage or exterior containers as they will be part of any survey.

If no Insurance is required fill out the Waiver Form downloadnow2

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