In automotive and marine transit, marine insurance is an important factor for consideration. Although something unique and special cannot be replaced or repair can compromise the original condition, insurance is just that, good insurance.
Shipping can be a risky business but in reality the percentage of actual issue resulting in a claim is miniscule. However, pass that advice to someone enquiring on insurance and of course Murphy’s Law will come into play.
Full comprehensive insurance is an extremely inexpensive way of obtaining piece of mind in shipping and for an average valued vehicular transaction of say $15000 to $20000 an approximate cost of between 1.25% and 1.5% of value, is worthy of serious consideration.
A minimum charge does apply but higher value shipments become extremely negotiable and rated by our marine risks facilitator on a spot rate basis. Excesses are normally set at approx. $500 but rates for nil excess can be negotiated as well. Set up of policies at destination port mean that if there is issue one is closer to the settlement agent having being underwritten locally rather than a long way away at load port.
Insurance is for full cover and not just for a total loss. With machinery, there are some obvious exclusions including rust and oxidisation but please ask the team at EDI for a full dossier of all clauses and terms.