Delays, Fires, Theft, Spoilage · Spoilage, Decay & Deterioration •Insurance coverage is...
Transcript of Delays, Fires, Theft, Spoilage · Spoilage, Decay & Deterioration •Insurance coverage is...
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Delays, Fires, Theft, Spoilage –Making sure your cargo is protected!
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Who Made God Mad?
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In Carriers We Trust
•Liability is a two part agreement –
scope of responsibility & monetary
recovery.
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I’m Protected…So Says the COI
Does not represent
the carrier’s liability.
Not a governing document!
Carrier’s insurance may have significant exclusions.
Loss Payee/
Additional Insured Status.
Evidence of insurance
only.
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All Cargo Policies ARE NOT Created Equal
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The Incoterms say I am not responsible!
Doesn’t Matter!
• Unpaid Export Invoices – loss/damage to cargo.
• Paid import invoices – loss/damage to cargo.
Cargo owner could have secondary risk or a combination of primary and secondary risks.
Sales Contract terms may differ from Incoterms responsibility.
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Spoilage, Decay & Deterioration
• Insurance coverage is triggered by refrigeration stoppage or
breakdown not delay
• The Refrigeration Clause may include:
• Frozen and fresh goods
• Time period for coverage to trigger
• Acts of negligence
• Temperature recording warranties
• Temperature or Atmospheric conditions
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Who is in control of the goods after a claim payment?
How long do I have to file a claim if no
one has opened the shipment
If there is no evidence of theft or
pilferage yet the cargo is short do I have coverage?
Do I really only have 15 days for the cargo to arrive or at most
30 days after discharge?
Does the recent tariffs impact my
shipment value and policy limits?
Kick the Tires!
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Closing Thoughts