Ocean marine encompasses a variety of insurance coverages designed to protect merchandise, goods, workers, passengers and crews aboard shipping vessels and cargo storage during marine transport domestically or abroad.
Damage to cargo is a common occurrence and can halt business operations. Annual worldwide ocean cargo losses have exceeded $2.4 billion each year from 2007 to 2014. Damage can be due to rough handling, weather, improper loading or even atmospheric conditions. In 2014, 68% of the ocean cargo claims we saw were due to physical and water damage. 2
If you are buying or selling goods overseas, it’s important to have the right insurance company helping to protect your interests. Travelers provides insurance solutions for importers, exporters, manufacturers, commodities traders and freight forwarders. We aim to simplify the process and help guide business owners through the complex and often confusing process of importing and exporting.
Typical companies who carrier Ocean Cargo:
- Commodities Traders
- Freight Forwarders
Top Risks for shipping cargo
- Unreliable Carriers
Avoid carriers whose contracts don’t clearly take responsibility for damaged products or
ensure your pre-approval of subcontracted carriers.
- Poorly Designed Packaging
Failure to understand the conditions impacting products while being transported can
result in packaging that does not prevent damage from common occurrences.
Cargo is very susceptible to theft. Pharmaceuticals and electronics are top targets but any
easily resold product is at risk.
Third party warehouses, a common component in the transportation process, can put
products at risk if proper storage and handling procedures are not understood.
Equipment used for loading and unloading – such as cranes, forklifts and pallet movers –
present multiple risks to cargo, particularly to fragile or special care products.
- Shipping Lane Disruptions
Political or social unrest as well as natural catastrophes can unexpectedly disrupt routes