CARGO INSURANCE SERVICES

    CARGO INSURANCE SERVICES



    Industry News & Views

    Featured Service Providers

    DB SCHENKER

    As a leading global logistics company, DB Schenker offers a single-source complete Risk Solution for transportation and warehouse insurance needs for all comers irrespective of whether it is a one-time shipper or a large multinational with a complex supply chain.. This coverage is not restricted to shipments carried by DB Schenker. DB Schenker USA offers a comprehensive range of products, including Cargo Insurance for Marine, Air, and Ground Transportation. It also offers Open Cargo Insurance which is generally an all-risk cargo policy and is the broadest form of shipping insurance. An open cargo policy will automatically insure shipments on set terms, conditions and rates without the need to update the policy each time that cargo is moved. The also provide Warehouse Insurance which can cover goods during storage against flood, windstorm or earthquake coverage, as required. They can also cover all shipments within each individual country, whether by motor truck, rail, aircraft, barge or package service.

    UPS CAPITAL INSURANCE

    UPS Capital’s Cargo Insurance provides fully customizable solution to protect freight shipments in transit and warehoused goods against loss or damage with higher coverage limits than many standard carrier programs. Whether shipping via land, ocean, or air UPS Capital offers worldwide coverage for both package and freight shipments regardless of the transportation carrier. Shippers are covered for a majority of unforeseen events, all in one simplified policy including for Concealed Damage, Theft, Natural Disasters and Shipping Accidents. CargoEdge™, their most comprehensive policy also covers perishables against spoilage due to a late delivery, including for concealed damage and expediting expenses. They also offer flexible coverage for infrequent or small package shipments. The claims are settled quickly as they do not use third party adjusters.

    DHL VALUE PROTECTION PLAN

    DHL’s Shipment Value Protection will cover freight against loss or damage from any external cause. Flexible to meet the needs of the customer, it can be arranged as follows: Ad-hoc Protection Policy: one-off cover for a specific shipment or an Annual  Protection Policy, which protects all DHL Global Forwarding shipments over the course of a pre-defined period such as one year. During transportation by DHL and in case of an incident, it covers the freight value & transportation cost against physical loss or damage from any external cause. The coverage includes high risk cargo and worldwide destinations including high risk locations. Claims can be handled locally with personnel who speak the local language, and settlements can be in local currency if needed. This would be very convenient for the inexperienced or SME shipper as Freight and shipment value protection billing on a single invoice.

    TRADE RISK GUARANTEE (TRG)

    Founded in 1991, Trade Risk Guaranty (TRG) is an international surety agency providing Customs bonds, marine cargo insurance, and other trade-related products direct to companies that import into the United States. For Marine insurance, TRG has agency relationships with XL Catlin and Lloyd's Specialty Insurance Markets. These markets give TRG the ability to provide robust policies to companies of all sizes at very competitive rates. For Customs bonding, TRG has agency relationships with Hanover Insurance Company of Worcester, Massachusetts and Hudson Insurance Company of New York, New York, both of which are insurance companies approved by the Department of the U.S. Treasury to issue U.S. Customs bonds. TRG policies offer broad coverage for importers and exporters. In addition to all-risk insurance, enhancement clauses also can cover Accumulation, Debris Removal Expense, Shortage from Containers, Concealed Damage, Control of Damaged Goods, Damage to Labels, Brand or Trademark Salvage Guarantee, Consolidation, Repacking and/or Breakdown, etc. Their international partnerships ensure worldwide coverage at competitive rates for both imports and exports.

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    STARR COMPANIES

    The shared history of STARR Companies can be traced back to December 1919, when Cornelius Vander Starr founded an insurance agency in Shanghai, China. C.V. Starr was incorporated in 1950 and served as the parent company for various Starr insurance enterprises, including what is now AIG. STARR Companies is a global insurance and investment organization providing property and casualty insurance solutions to business and industry. With a presence on five continents, STARR provides a range of specialty coverages including aviation, marine, energy and excess casualty insurance  and insurance-related services, such as claims handling and settlement, reinsurance, risk assessment, and loss control. Starr’s offerings include worldwide coverage of goods in transit from warehouse to warehouse by land, sea, or air. Starr also has a small business owners program which can be used by smaller B2B ecommerce companies to search for marine insurance coverage.

    XL CATLIN

    XL CATLIN is a NYSE listed group of Property and Casualty companies with three lines of business, Global. International and American. While not all groups or jurisdictions offer all types of policies, XL Catlin offers marine cargo insurance and freight liability insurance for large, complex operations as well as smaller companies. Cross-border cargo insurance coverage designed to comply with licensing and tax requirements is also available. Their marine cargo insurance covers land, at sea and in storage — and the full spectrum of risks from damage in transit to war and terrorism. We also offer professional liability insurance for freight forwarders, logistics companies and land carriers. Through XL WorldPass, their online service, they provide multinational companies with cross-border solutions, and also allows brokers to find marine insurance quotes in minutes for clients with smaller value cargoes. Teir website states that their full cycle portal (quotes/policies/mid-term adjustments and renewals) for annual SME general cargo risks can be within the £350 to £15,000 premium range with a minimum for Single cargo shipments of £ 150

    CARGO COVER

    Launched in 1998, CargoCover has since become the industry’s leading online cargo insurance application. Thousands of Shippers, Logistic Professionals, Freight Forwarders, 3PLs and NVOCCs use CargoCover as their primary source for cargo insurance. CargoCover provides a simple and effective online means to generate insurance quotes, book insurance coverage, deliver secure electronic insurance certificates and manage insurance claims. Cargo Cover is brokered by Marsh (a subsidiary of Marsh & Maclennan Companies with 54000 employees and $13 billion in revenues) and underwritten by companies like CNA, Liberty Mutual, and others and partnered with CargoNet a firm in the business of reducing cargo theft. Although located in Canada it can the source of coverage in other coluntries through referrals to the Marsh global network. Their main business is marine insurance for transport and logistics providers but are included here as that is also a part of B2B ecommerce.

    PAF FREIGHT INSURANCE

    P.A.F Insurance Services LLC, is a division of Pacific Atlantic Freight LLC. A somewhat typical freight forwarder also providing freight insurance, they are a fully licensed Insurance Brokerage Agency, Freight Shipping Broker and Freight Forwarder, originally established in 1984 in Los Angeles, California. As a licensed insurance agency, they specialize in transportation related lines of insurance, such as Shipping Insurance, Cargo Insurance, Freight Insurance, Moving Insurance, Transport/transit Insurance, and other Transport related lines of insurance. They can provide individual insurance certificates to cover single shipments (one time), as well as annual policies to cover frequent shippers with many shipments. They also service insurance for freight brokers, freight forwarders and truckers. They have moved to systemize and automate their acquisition processes and might represent a possible trend among some freight forwarders interested in catering to the B2B eCommerce market.

    More B2B eCommerce Marine Insurance Providers

    AMID Logistics LLC

    American Multimodal International Deliveries - AMID Logistics, LLC, founded in 2007, is a licensed and bonded U.S. Ocean Transportation Intermediary - U.S. Freight Forwarder operting near the large U.S. sea port of Philadelphia, PA. AMID is an innovative provider of provider of a web-based International Shipping Sea Freight Management System which includes a real time sea freight price calculator for LCL, FCL and other sea freight services. Its stated e-bay compatibility suggests that B2B ecommerce shippers importers or exporters would find this system to be of use e.g., a B2B ecommerce buyer overseas or a US exporter. The company’s website is also useful for the new or first time exporter or importer as it provides detailed step by step instructions from pickup, electronic documentation and payment process. In addition to freight transport services, the company also provides marine insurance and customs bonding. For that reason the company is listed on this page instead of on the transport and logistics page. Website

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    Some Country Option Worth Noting

    Tata AIG

    Tata AIG General Insurance Company Limited combines Tata Group's pre-eminent leadership position in India and AIG's global presence as one of the world's leading marine cargo insurance company. Sales Turnover Policy, Stock Throughput or the standard Marine Open Policy, they have something for everyone - a small exporter, importer, trader, manufacturer, a SME, a large corporate house or a Multi National Corporation.
    Kay International

    Kay International is an independent authorized, regulated insurance underwriting agency based in London and at Lloyds. Founded in 1980, thry deliver marine insurance products and bespoke schemes to a diverse range of clients in the UK and overseas. This includes one-off cargo shipments, as well as 12-month annual covers. They can also offer a fast-track facility for minor claims, as well as access to a network of trusted surveyors and loss adjusters as part of the worldwide Lloyd's Agency Network. Their facility is USD5M per shipment and they insure worldwide and provide Immediate Underwriting response. Their security is placed 100% at Lloyd's. Website

    Grand Trust Underwriters

    Grand Trust Underwriters (G.T.U.) is an award winning insurance agent established in 1976. They are a family business. They are the agency for four of the world’s largest insurance companies including: ACE Insurance Ltd., AIG Insurance Hong Kong Limited, AXA Group, and Prudential General Insurance HK Ltd. Their major line of business is Cargo Insurance and Inland Transit Insurance ex. Hong Kong. Their coverage includes goods in transit and export by ships, aircraft, cars, trains and other conveyances both international and domestic. They also provide liability insurance to freight forwarders. Website

    Britam

    Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi. The group offers a wide range of financial products and services in Insurance, Asset management, Banking and Property. They offer a comprehensive insurance policy that covers goods, freight and other interests against loss or damage whilst being transported by rail, road, sea and/or air from the port of loading to the final destination. The company provides coverage for both individuals and corporates transporting goods inland, importing or exporting manufacturers, wholesalers, miners and producers. Their policies cover maritime perils such as earthquakes, cargo being washed overboard, rainwater damage, piracy, vandalism as well as extraneous perils such as errors in loading, carrying and loading at the terminals. Examples are leakage, handling, rough handling and pilferage
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