Cargo Protect FAQCargo Protect - FAQ
1) Why do I need to secure own insurance for my cargo?
Cargo transport operations are exposed to various risks which cannot only damage your goods but also result in interruptions to your business operations and considerable financial losses to your company. Furthermore, in some cases, the shipper is also obliged to secure cargo insurance for the shipment as per Incoterms.
2) Aren't loss or damage to my cargo covered by the carrier?
The compensation provided by the carrier is based on their liability cover which is limited and may be much lower than the actual commercial value of your shipped goods.
3) How much should I insure my goods for?
In a cargo policy, the sum insured is valued at invoice cost and freight charges plus a buffer for incidental shipping expenses which may not be known at the time of booking, usually 10%.
4) What is the coverage under a marine cargo insurance?
The coverage of the policy is based on the Institute Cargo Clause (A) which covers all risks of loss or damage, and including General Average and Salvage Security Charges except as excluded in the clause wordings.
5) What documents are required to purchase insurance?
The only information required for insurance, in addition to cargo details usually provided in E-sea, is the cargo value (sum insured), No documents are required during purchase. However, the shipping documents should be available in the event of a claim.
6) Can the marine cargo insurance cover for all types of goods?
We will only cover for containerized shipments with the exception of the following cargo: Specie (jewels, precious stones..), Cash in transit, Bonds, Raw precious metals (gold, silver and similar), Documents, Livestock/bloodstock/fish catch, Blood Products, Blood Plasma, Cord Blood Stem Cell, Radioactive/Nuclear Material Weapons and Ammunition, Project Cargo, Container hull, Thermal coal, Bulk cargo
7) Will the insurance protect only during sea voyage?
The cargo insurance will protect against risks during transportation and intermediate storage in the ordinary course of transit, from declared point of origin to declared point of destination which may include other modes of transportation
8) Does the cargo insurance cover provide coverage in all locations?
The cargo insurance provides worldwide to worldwide cover with a few exceptions relating to sanctioned countries as listed: Central African Republic, Chad, Congo DR, Crimea, Cuba, Iran, North Korea, Somalia, Sudan (North and South), Syria, Venezuela, Yemen (list is regularly updated and may change based on latest regulations).
9) What do I do in case of a claim?
In case of a claim, you may use the First notification of loss (FNOL) provision that is accessible through a link that you will find in the insurance certificate. This will be attended by a team of experts in Swiss Re.
10) How long is the claim processing?
This will vary depending on the complexity of the case. For simple and straightforward claims, the processing time is 5 to 7 days. For more complex cases, it is on case by case basis.
11) Why did ESL partner with Swiss Re to provide this insurance cover?
Swiss Re is one of the world's leading provider of reinsurance, insurance and other forms of insurance-based risk transfer. It is a reputable brand, financially strong, supported by strong underwriting expertise and product knowledge. (www.swissre.com)
12) How do I pay for the cargo insurance?
The insurance premium for your shipment may be paid via bank transfer to Swiss Re within agreed payment terms. You will receive a separate invoice for the premium due.
13) Am I able to cancel the insurance cover?
A Marine Cargo spot certificate, generally, cannot be cancelled, unless the risk does not exist anymore e.g. the cargo was destroyed before risk inception or the shipper will not perform the shipment (the shipment never took place).
14) Do I get a documentary proof of the coverage and its details?
An insurance certificate for the shipment will be generated once you confirm purchase of the cover. A complete set of policy wordings will be accessible on the website/sent via email.
15) What if I need to make amendments to my shipment?
You can proceed with your amendments in E-sea as per usual and the insurance will be re-quoted to reflect any changes in the premium (if any),
16) What is the maximum value of cargo that I can insure via this platform?
The maximum coverage per shipment varies depending on the type of goods. Limit can be up to USD 10Million (or equivalent in other currencies) for select types.