What Risks May a Marine Cargo Insurance Policy Cover?
Every business is different and the risks that this sector is exposed to are varied and exhaustive. Due to the sophisticated nature of marine coverage, it can be difficult to find the correct policy and as a consequence, many businesses find themselves underinsured.
From loading to transportation and unloading, businesses involved in the transportation of goods nationally and internationally are exposed to a varied and diverse set of risks, unique to the nature of the work.
Every business is different, but there are several hazards that are common to transporting goods, for example:
- Vehicle Collision: In the event of a vehicle collision during transportation, the cargo is likely to be seriously damaged or completely lost, resulting in significant replacement costs for the business.
- Staff Injury: The nature in of work in the goods transportation industry leaves employees open to injury in a variety of ways. Falls from vehicles, and moving heavy objects or objects that are difficult to grasp can all result in serious injury to an employee.
- Load Securing: In the event that a load is not secured properly, serious damage could be caused to the cargo, during transit. Furthermore, the process of loading and unloading can result in injury to employees.
- Fire: Fires can easily be sparked in vehicles, particularly during refuelling, which can result in injury to the driver and severe damage to the vehicle and its cargo.
- Theft: Theft of Cargo or is an ever-increasing problem in the transportation industry. It’s estimated that cargo theft costs shippers and trucking companies up to $30 billion a year.
As a business owner, the continuing success of your business is dependant upon your ability to manage, mitigate and transfer risks.