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As the world economy continues to expand, so does the volume of
international ocean cargo shipments. Although physical damage on transit
claims may not be a problem, importers and exporters should be aware that
over 50 voyages a year encounter heavy weather where shipping containers
are lost overboard.
Cargo insurance is much different than other liability or property policies, the scope is international and the extensions of coverage available are specific to the industry and broader than other lines of insurance. The premium cost of cargo insurance is based on individual experience, shipment volume, mode of transit and values shipped. The underwriter determines what premium will be required to meet the anticipated losses and expenses on each account. The premium can also be impacted as the shipper includes additional coverages; such as processing in a foreign country, exhibition coverage at sales conventions in foreign countries overseas and temporary storage overseas. If you are the buyer and are importing goods from overseas on terms of sales such as C.I.F. (Invoice Cost, Insurance plus Freight), where you are not required to insure the goods, you may still have a "contingent" exposure that you could cover if the seller placed coverage that was "limited" and not offering the broad terms available in the insurance marketplace in the United States. The shipments can be reported monthly to the Company and billed at the end of each month, so unlike property policies, the cargo policy can be issued on a "pay-as-you-go" basis. With our knowledge of the marine insurance industry combined with our extensive list of contacts within most major marine insurance companies we are able to provide the fast, efficient service demanded in today's ever changing transportation network. We offer a wide variety of marine packages at the most competitive prices. |
PHONE: (714) 453-0611
TOLL FREE: (866) 441-0321
FAX: (714) 453-0615
E-mail: info@firsttower.com
CA Lic. #: 0D08422