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Shipping Container Insurance
Personalised Insurance Solutions for Shipping Containers
Are you a Freight Forwarder, a Shipping Agent, or a C&F Agent involved in Export, Imports or Domestic Transit?
Does your Business involve Shipping Companies Leasing or Renting Containers to your Company to load Cargo in the Container for transport?
Did you know that you may be liable for the Damage to Container itself?
Shipping Containers could get damaged either in a simple Overturning while Loading or Unloading or even a small Collision. Another possibility is that the Carrying Ship might get involved in an Accident or Collision resulting in Container Damage.
These Containers are expensive and any sort of Container Damage would involve Financial Penalties to be paid to the Shipping Company.
A Container Insurance Police
What is a Shipping Container Insurance Policy?
A Container Insurance Policy is an Insurance Policy designed to cater to the needs of Freight Forwarders or Logistic Companies that use Containers to Transport Customer Cargo. A Shipping Container Insurance Policy provides Reimbursement for Damage or Loss to the Container due to Overturning, Collission or Fire and Damage to the Ship which results in Container Damage.
What are the coverages in a Shipping Container Insurance Policy?
A Shipping Container Insurance Policy covers Total Damage or Partial Damage caused to the Container whilst in Transit on account of:
Fire or Explosion to the carrying conveyance during its transportation
Carrying Vessel being Stranded, Grounded, Sunk or Capsized, Collision or Contact of such Vessel or Craft with any External Object other than Water, Load or Unload of its Contents, and those caused by Foreign Objects coming from External Elements different from its Contents.
Total or Partial Damage caused to the Container on account of Natural Risks such as Earthquake, Volcanic Eruptions, Landslides, Lightening, Tsunami, Hurricane etc. when the Container is being Moved or Transferred.
Damage Caused to the Container due to Strikes
Damage Caused to the Container due to Terrorist Activity
Damage Caused to the Container due to Wars
The Insurance also covers General Average and Salvage Charges
These Containers are normally Insured under ITC-B Clauses of Inland Transit.
What the Add-On Covers in a Shipping Container Insurance Policy?
The following Add-On Covers can be opted for as part of the Shipping Container Insurance Policy:
Damage to Container whilst in Storage
Demurrage Charges: Charges or Late Penalties are sometimes levied on the Insured for the Late Return of Container when the Insured Party retains the Container on the Insurance Company's directions to inspect Damages to the Container. Such Charges can also be payable under the Insurance Policy
What are the exclusions in a Shipping Container Insurance Policy?
The major exclusions under a Container Insurance Policy are as follows:
Exclusions under a Container Insurance Policy
Damage Caused to the Container due to Willful Misconduct of the Insured
Damage to the Cargo carried inside the Container is not Payable
Damage Caused to the Container due to Normal Wear and Tear, Gradual Deterioration, Corrosion or Rusting of the Container
Damage Caused to the Container due to Insolvency or Bankruptcy of the Transporter or Carrier
Loss or Damage Caused to the Container due to Capture or Seizure of the Container by Governmental Authorities
How to Claim under a Container Insurance Policy?
The Insurance Companies require the following documents for a Claim under a Container Insurance Policy:
Leasing Contract of the Containers which indicates the Condition of the Container
Copy of Container Receipt or Delivery Report by Terminals
Report of Partial Loss or the Total Loss Caused to the Container
Container Insurance Certificate
Duly Filled and Signed Claim Form
Why should I use an Insurance Broker for Shipping Container Insurance Policy?
An Insurance Broker ties up with various Insurance Companies and is in the best position to source Competitive Quotes for your Container Insurance requirements. Insurance brokers experienced with Container Insurance Policies would make sure to understand your requirements and design a Comprehensive Cover covering your risk exposures. They are most suited to understand the differences in covers between Container Insurance Policies of various companies.
Require assistance of an Insurance Broker for Shipping Container Insurance?
Qian is a licensed Insurance Broker for Container Insurance and has worked with a multitude of companies for their Container Insurance requirements. We assure clients of Individual Marine Certificates for Containers within 15 mins to cater to their requirements. Interested in purchasing Shipping Container Insurance Policy for your company?.