Managing Cargo risks and losses
Protecting your goods in transit, or in intermediate storage in conjunction with an insured transit, from loss or damage is vital. If's cargo risk specialists assist clients to manage cargo-related risks and issues, as valuable and oversized equipment is prepared for transport, shipped and then stored in locations around the world.
By Rikard Sahl, Tommi Haglund and Kristian Orispää
If Insurance cargo risk specialists regularly support clients with their marine cargo activities. From warehouse surveys to high and heavy transport projects, Tommi Haglund and Rikard Sahl support clients in managing risks relating to their cargo and transportation operations. Sometimes, such reviews are required as part of the insurance policy. This can include, for example, barge shipments and vessel checks.
As Cargo risk specialists, Tommi and Rikard, who are both master mariners with background in the international shipping industry, work together with clients to review and evaluate the plans for cargo projects and operations. Utilising their extensive experience and know-how of common pitfalls in marine cargo transportation can further secure these risky and costly activities. Another example which can trigger the requirement to contact If experts includes cases where the policy limits are exceeded.
Cargo risk management services
According to Tommi Haglund, “this additional service can include risk management services, storage area or harbour surveys, as well as project or individual transport consultation. When needed, we give recommendations to make sure the cargo is transported and stored safely and securely.”
“When we talk about large and complicated shipments, these types of activities require specific knowledge and capabilities.” Tommi continues. Shipments are not booked years ahead, there can be last minute adjustments to schedules and plans, complexities relating to the movement of high and heavy transport makes each project unique.”
Rikard Sahl, continues, “we conduct quite a lot of risk surveys, over 100 during a normal year, and not only relating to project cargo. Physical and desktop risk surveys involve a broad range of factors that must be considered, from potential natural hazard risks during the journey and storage, to protect the cargo from start to finish.”
The cargo risk management service can also include advising on operational risk management questions (excluding legal aspects), as well as the suitability of chartering of a specific vessel, lashing, loading- and discharging operations onboard vessels, railway, trucks and trailers.
Introducing Combined Property & Cargo insurance
For many manufacturing and wholesale businesses, the supply chain is an instrumental part of daily operations. The ability to control, monitor and optimise the transport of goods is vital in order to maintain a competitive and cost-efficient business.
While small changes in the supply chain might be possible to manage, a breakdown of the supply chain would have a serious impact on the company’s future.
If P&C Insurance has studied the current support for your supply chain risk, and we have found that there are still gaps in the insurance solutions available. That is why we have improved our current offering, which has resulted in an even broader cover.
Contact If to learn more!
The new insurance solution offers
- Intermediate storage/extraordinary storage during transit when the ordinary course of transit is interrupted
- Goods and/or merchandise and/or property intended for shipment covered during: Loading process, Await the commencement of the transit and After arrival at the destination until promptly unloaded
- Business interruption cover during transit for delayed, lost or damaged raw material and/or semi-finished goods.
Did you know?
As a Marine Cargo insurance client, you have access to Cargo Loss Prevention info sheets to benefit your shipping and transportation operations with top tips and advice.