Marine / Maritime Insurance
 
International Shipping is still not a ‘No Risk’ enterprise. Buying “All Risk”* marine insurance from R.L. Swearer Company enables companies to trade with confidence in an uncertain world.
 
R.L. Swearer is an authorized Marine Insurance agent that buys a large volume of insurance and is able to sell this special insurance to our customers at competitive rates**.
 
Many shippers do not obtain or cover their international shipments with maritime insurance due to misconceptions about their current or perceived coverage. Below are some common assumptions and the true facts about maritime insurance.
 
 
 
1. “My Cargo is covered under the Air or Ocean Carriers policy, so there is no reason to buy ‘extra insurance.”
 
The Facts:
All carriers limit their liability in the event of a loss, even if the loss is their fault.   In most instances, the limited liability amounts will not cover the value of the customer’s shipment or the cost of transportation.
  • Most ocean carriers or NVOCC’s will only pay $500 per package or customary freight unit (package) 
  • Most air carriers and couriers will only pay $20.00 per kilo (actual weight) per the terms of the Warsaw Convention or $23.50 per kilo under the Montreal protocol 4. (This determination depends on which convention has been adopted by the country of destination).
Even under their limited liability coverage, carriers will not pay a claim until the customer can prove all of the following:
  • What the loss is (i.e. the cause of loss and the dollar amount). In some cases, the customer would be required to hire a surveyor at their own expense to make this determination.
  • That the loss occurred while the goods were in the carrier’s possession. 
  • That the loss was a direct result of the carrier’s negligence.
 
Carriers will not pay for a loss under their limited liability coverage unless they are notified within the strict time frames:
 
Ocean Shipments
  • Visible Loss/Damage: Immediately
  • Non-visible (hidden)/concealed damage: 3 days (from date of delivery)
  • Limitation of Action: Legal actions must be filed within 1 year from date of delivery.
 
Air Shipments
  • Damage:  7 Days (from date of delivery)
  • Hidden/Concealed Damage: 14 days (from date of delivery/pick up)
  • Non-Delivery: 120 days (from date the air waybill was issued)
  • Limitation of Action: Legal action must be filed within 2 years from the date of delivery (If the date of delivery is unknown, use AWB date as reference)
 
 
2. “My company has plenty of insurance already, we are probably covered.”
 
The Facts:
  • Many policies do have some coverage, but most have limitations which will prevent the insured from making good all their losses, or don’t pay for the freight to re-ship their goods.
  • Handling a claim yourself with your insurance company will cost you time and money. Buying insurance from an authorized agent will ensure that you have professionals handle your claim that have a close relationship with a company that specializes in air and ocean marine coverage.
3. “I bought this shipment CIF, so it is covered by the shipper overseas”
 
The Facts:
  •  The overseas shipper is only obligated to provide minimal coverage without regard to your needs for service or complete coverage. Especially on a shipment involving a Letter of Credit, make sure there is language that guarantees the insurance purchased is adequate.
  • In the event there is a claim, the importer will be filing a claim with an overseas insurance agency whom may not have reliable representation in the United States.
 
*A misleading name for an insurance policy, which provides wide cover but does contain a number of exclusions. The term ‘All Risks’ should not be taken too literally and in some jurisdictions the term is no longer used.
 
In Marine Cargo Insurance Institute Cargo Clauses (All Risks) has been replaced by a new easier to understand wording known as Institute Cargo Clauses (ICC) ‘A’.
 
**exclusions and restrictions apply. Talk to your R.L. Swearer account manager if you have any questions about insurance.
 
 
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Swearer Import Export Services Customs Brokerage New Clients Freight Management Security Personal Effects FAQ Importer Security Filing Export cargo overseas Export Air Ocean Security Incoterms Dangerous Goods Letter of Credit Banking Fright Forwarder Marine Maritime Insurance International Shipping trading Domestic Flight Forwarding Warehousing Distribution Crating Shipping transportation logistics trade services global business international Global Domestic Shipping Forwarding Export IMport Services R.L. Swearer Pittsburgh Ohio Pa R.L. 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Swearer Import Export Services Customs Brokerage New Clients Freight Management Security Personal Effects FAQ Importer Security Filing Export cargo overseas Export Air Ocean Security Incoterms Dangerous Goods Letter of Credit Banking Fright Forwarder Marine Maritime Insurance International Shipping trading Domestic Flight Forwarding Warehousing Distribution Crating Shipping transportation logistics trade services global business international Global Domestic Shipping Forwarding Export IMport Services R.L. Swearer Pittsburgh Ohio Pa R.L. Swearer Import Export Services Customs Brokerage New Clients Freight Management Security Personal Effects FAQ Importer Security Filing Export cargo overseas Export Air Ocean Security Incoterms Dangerous Goods Letter of Credit Banking Fright Forwarder Marine Maritime Insurance International Shipping trading Domestic Flight Forwarding Warehousing Distribution Crating Shipping transportation logistics trade services global business international Global Domestic Shipping Forwarding Export IMport Services R.L. Swearer Pittsburgh Ohio Pa R.L. Swearer Import Export Services Customs Brokerage New Clients Freight Management Security Personal Effects FAQ Importer Security Filing Export cargo overseas Export Air Ocean Security Incoterms Dangerous Goods Letter of Credit Banking Fright Forwarder Marine Maritime Insurance International Shipping trading Domestic Flight Forwarding Warehousing Distribution Crating Shipping transportation logistics trade services global business international Global Domestic Shipping Forwarding Export IMport Services R.L. Swearer Pittsburgh Ohio Pa R.L. Swearer Import Export Services Customs Brokerage New Clients Freight Management Security Personal Effects FAQ Importer Security Filing Export cargo overseas Export Air Ocean Security Incoterms Dangerous Goods Letter of Credit Banking Fright Forwarder Marine Maritime Insurance International Shipping trading Domestic Flight Forwarding Warehousing Distribution Crating Shipping transportation logistics trade services global business international Global Domestic Shipping Forwarding Export IMport Services R.L. Swearer Pittsburgh Ohio Pa
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