Cargo Insurance
Have peace of mind in the event of unexpected situations with cargo insurance through OEC Group. If a carrier is liable for loss and/or damage caused to the goods during transport there are clear statutory rules governing the carrier's liability for the damage to and loss of goods. Such liability may be limited or excluded which would be unsatisfactory for the customer.
Cargo insurance is a critical part of the international transportation process. Most insurance providers do not have access to logistics data and more importantly, do not understand global transportation. This makes it difficult to assess risk and make accurate recommendations. Our goal is to identify the hidden risks in transportation and to structure an insurance program addressing those risks while providing financial security.
What are the risks of no insurance?
- Breakage
- Wet Damages
- General Average Claims
- Storm or Heavy Seas
- Fire
- Theft
- Explosion
- Act of War
What to know about cargo insurance?
- All-Risks Coverage-MMO introduction
- Better protection than COGSA
- Simple Guide to insure your goods
- All modes of combined transportation
Benefits
- Expert risk analysis for your individual business
- Professional handling of claims in-house
- Simple invoicing and declaration process
- One stop shopping for your freight and insurance requirements
- Peace of mind no matter where your cargo is
- Low premium costs compared to the value of the goods in transit
Protection For Your Goods in Transit.
THE COVERAGE
The ICC (A), or “All Risk”, coverage is the most comprehensive general cargo policy available. There are relatively few exclusions. The coverage is commonly explained as ”Everything is covered except what is excluded”.
LOW PREMIUM
Based on the high volume of cargo we ship, OEC Group is able to provide very low prices that are not typically obtainable on the open market. Insurance can be procured for most commodities and most destinations without an extensive approval process.
FULL DECLARED VALUE
The shipment is covered for its full declared value and will not be subjected to limitations imposed by a carrier’s Bill of Lading or Airway Bill.
DEDUCTIBLES
Most policies carry NO deductible. However, certain commodities will require a low deductible.
SINGLE POLICIES
Insurance can be obtained on a shipment to shipment basis. There is no need to commit to a lengthy policy.
WAREHOUSE TO WAREHOUSE
The coverage extends from “Warehouse to Warehouse”, so the cargo is protected while traveling from the shipper’s warehouse until its final destination. This only applies when the insured has insurable interest in the cargo as per international commercial terms.
COMMON EXCLUSIONS
- Improper or insufficient packaging
- Inherent vice
- Losses caused by temperature
- Delay
