In March of 2018, an explosion set a ship ablaze in the Arabian Sea while it was carrying 7,860 containers at a distance of 340 nautical miles from the nearest island. In another case, 520 containers went overboard on a ship in the Suez Canal due to hurricane-forced winds creating 30-foot waves.
Such losses are not uncommon and they illustrate why proper coverage is vital. Cargo can be lost during the voyage or damaged due to fires, floods, hurricanes, windstorms or loading and unloading. Vessels are also at risk of being stranded, sunk or burnt. With between 5 million and 6 million containers on the high seas every day, there is ample opportunity for you to ensure these goods have the required protection.
Cargo Coverage is designed to protect your clients from losses stemming from their goods being damaged during ocean voyage, air transit, and overland transit. Partner with Burns & Wilcox for expertise specific to the cargo industry to limit exposure to potentially disastrous losses.
Coverage Details and Features
- Up to $50M limits on any single account
- Flexible deductible options
- Comprehensive policy wording and extensions
- In-house claims service
- Stock throughputs and DSU project policies can be quoted as capacity
(including but not limited to)
- Food industry
- Import/Export companies