"tanker Accidents And Marine Insurance Coverage: Legal Representation By Maritime Law Attorneys"

 "tanker Accidents And Marine Insurance Coverage: Legal Representation By Maritime Law Attorneys" - Cargo insurance reduces the shipper's exposure to financial loss. However, many shippers choose to take the risk of importing and exporting cargo without cargo insurance.

Below are eight reasons why shippers should purchase cargo insurance. Part of the reason is the risk of cargo loss or damage, but the list goes beyond that.

"tanker Accidents And Marine Insurance Coverage: Legal Representation By Maritime Law Attorneys"

Granted, there are more reasons to insure cargo than listed below, but this is a blog, not a book.

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Not including piracy, as the risk of cargo theft and loss is high in modern international shipping.

We won't spend too much time on this topic, as three of our last four blogs have dealt with cargo theft. You can read them by clicking on the links below:

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Being in the middle of peak cargo theft season and seeing a lot of cargo theft stories lately is a big factor in the cargo insurance blog post. This prompted us to start a cargo theft list; however, this is only one of many reasons for cargo insurance.

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Ships are lost at sea every year. With the trend of mega-ships that transport large stacks of containers across the ocean, ocean-going cargo containers have grown in size.

The World Shipping Council investigates how many ships are lost at sea each year. The 2014 update shows that the number of cargo containers lost at sea has increased significantly since the 2011 survey.

Studies conducted in 2011, 2012 and 2013 estimated that an average of 733 containers were lost at sea in all three years, excluding disaster situations.

The 733 shipping containers lost at sea in the period 2011-2013 is more than double the number of containers lost at sea in the previous period 2008-2010.

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According to a 2011 survey, the World Shipping Council estimated that an average of around 350 containers were lost at sea every year between 2008 and 2010, excluding disaster situations.

With the dramatic increase in the number of shipping containers lost at sea, this is another reason for shippers to take out cargo insurance.

Storms, shipwrecks, explosions, pirate attacks...we previously blogged about these events that caused the loss of many, many ships. In one case, an entire ship or several cargo containers may be lost.

The World Shipping Council defines a catastrophic loss as "the loss of 50 or more containers in a single event".

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Including catastrophic losses (defined above) in these years, the average annual loss [2011, 2012 and 2013] was approximately 2,683 containers.

Catastrophic events such as last month's explosions in a Chinese port city or the seizure of container ships by pirates would also likely not be included in the previous tally, because while many cargo ships have been lost, cargo ships are not necessarily lost at sea.

Every year there are catastrophic losses affecting many, many carriers. Victims who do not have cargo insurance often regret not having insurance.

The P&I Club of the UK is a maritime mutual protection and indemnity organization that actually represents shipowners importing and exporting their goods, not shippers. However, the UK Club said they spend a lot of time on containerized cargo requests.

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In the Cargo Damage PDF, the UK Club shares the percentage of cargo claims handled, with physically damaged cargo being the largest:

"... 25% of damage is physical, 14% temperature, 11% lost container on board, 9% theft and 8% shortage."

Other requirements include subsidence, contamination and infection. All claims of this type account for a smaller percentage of 8%.

Cargo damage occurs frequently, probably because there are many opportunities for damage to occur.

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According to the UK Club, poor storage and dry storage are the main causes of cargo damage, but there are many other reasons for damage:

There is a long list of things that can spoil and damage a shipper's goods. That's almost like 27 reasons to get cargo insurance in our 8 Reasons Shippers Should Get Cargo Insurance.

You may be required to post a bond and/or cash deposit to receive the general average release of the cargo, even if the property is lost or damaged.

By purchasing the insurance, the insurance company assumes responsibility and accelerates the release of your burden in these cases.

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The general average is an internationally accepted principle according to which, if certain types of accidents occur on a ship, the loss is shared equally by all parties. You certainly don't want to end up in a general uninsured situation.

Carriers' sales contracts may require ocean freight insurance to protect the interests of the buyer or the bank. This applies in particular to the sale of CIP or CIF goods.

Suppliers should always pay attention to the fine details of their contracts. Unfortunately, some insurances ignore this and the sender can be held liable.

Failure to take out cargo insurance, when the shipper is contractually obligated to do so, may not only cause financial loss to the shipper if the goods are lost or damaged, but failure to comply with the terms of the contract with the buyer may also result in loss of sales and legal problems.

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Carriers are not legally responsible for many common causes of loss in transit (eg acts of God, general average, etc.).

Even if the carrier is responsible, the carrier's liability in the event of loss is limited, either in the travel document or by law.

Carriers should never rely on shipping carriers to cover any loss or damage that may occur during the container ship's journey.

Relying on the buyer's or seller's insurance may be a viable option, but shippers should make sure that the insurance is actually taken out and that the insurance terms, ratings and limits provided by each insurer for each shipment meet their needs.

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If carriers outsource insurance to one or more parties during import and export, there is a risk that they will not be adequately protected.

In addition, having a claim with a foreign insurance company, possibly in a different language, can be time-consuming and frustrating. When a claim arises, international shippers often turn to the courts of a foreign country.

Shippers who purchase cargo insurance are generally much better protected than shippers who allow other parties to carry out import or export transactions while handling cargo insurance.

Universal Cargo Management has more than 30 years of freight forwarder experience. Our team is committed to providing excellent service for all imports and exports we handle. We specialize in ocean, air, warehouse, truck and other logistics services. Contact us today and order a ride for your next shipment!

Navigating The Challenges And Opportunities In The Marine Insurance Market

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7 Things Every Shipper Should Know About Shipping Season Importing Cargo Theft Peak Season WHAT IS ISF? import, ISF, transporters These are commercial vessels that carry large quantities of liquid or gas. Most of the time, these giant ships carry large quantities of crude oil, crude oil or liquid natural gas. When a tanker accident occurs, the results are catastrophic. Damage to oil tankers is common when an accident occurs, whether on board or in a collision or other accident.

Our petrochemical injury attorneys at Kherkher Garcia, LLP have seen how devastating oil tanker accidents and injuries can be. We help injured oil tanker workers understand their rights and possible options for recovering compensation.

Below is a discussion of oil tanker accidents and injuries and what Marines should know if they are injured in an accident.

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Oil tanker accidents happen for a variety of reasons. Although fires and explosions are one of the most significant concerns, there are many accidents and incidents that can cause damage to a tanker. Some examples of the most common types of accidents:

Tanker accidents can have devastating effects on the environment and human health. These can also lead to significant financial losses. It is important to take steps to prevent oil tanker accidents and to respond quickly and effectively when they do occur.

When we think of tanker accidents, we tend to think of the most catastrophic accidents that are in the news. But the truth is, there are many different scenarios that can lead to injuries on a boat. The causes of oil tanker injuries vary depending on the type of accident and other related factors. Some of the most common factors that cause vascular injury are:

It is important to emphasize that preventing tanker injuries requires a comprehensive approach that includes identifying and correcting the causes, implementing effective safety measures and protocols, and providing adequate training and resources.

What Are The Four Types Of Marine Insurance?

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