Shipping Insurance – What You Need To Know

We’re frequently adding to our knowledge centre to share with you the answers to the questions you want to know. This month we added a wealth of information about cargo insurance. Here’s a snippet of what you might have missed: Can I claim Consequential Loss? If a shipment is delivered late, you cannot claim for consequential loss costs unless you can prove that the carrier acted with “wilful neglect”. UK, European, Air and Marine Cargo Insurance – what is covered? if you are sending goods around the UK, to or from Europe or around the world, by road, sea or air you really must be aware of the different liability limits in place for each mode of transport. UK freight £1.30 per kilo (RHA conditions) European freight £9 per kilo (approximate rate based on 8.33 SDRs / CMR Conditions) Sea freight £2.20 per kilo (approximate rate based on 2 SDRs / BIFA Conditions / Hague Visby Conditions) Air freight liability will be between £18 and £21 per kilo of lost or damaged freight depending on the airline and which air freight convention they apply, Warsaw or Montreal. How to reduce Freight Insurance Claims in my business? Take a photo of the shipment before it is loaded onto the collecting vehicle. Make sure the driver is given the opportunity to see the goods before or as they are being loaded Make sure your packaging is sufficient for the distance the shipment will be travelling. Accurate shipment labelling. Make sure the correct product details are on the labels along with your address and the delivery address. Choose the correct freight service Choose a rigid sided vehicle. Stipulate secure overnight parking only at all times. Who’s Responsible for Securing a Load on a Lorry or Van It’s the drivers responsibility to secure a load. However, it’s always advisable for a shipper to check that they have secured the load correctly. CMR Insurance – What goods are generally excluded on a CMR insurance policy? On a standard CMR policy the following goods tend to be excluded: Bullion, precious stones, bank notes or coins, currency, cheques, treasury notes, bonds, negotiable instruments or securities of any kind, living creatures, dangerous drugs, explosives, computer chips, memory cards, mobile phones, spirits, cigarettes or tobacco products. SDR Meaning – Special Drawing Rights It is a currency unit of the International Monetary Fund and is used worldwide as a method of determining value. For more information about all of these answers, visit our knowledge centre or click on the questions above.

For more information on Shipping Insurance – What You Need To Know talk to Espace Europe Freight Forwarders