04 Mar Maritime Insurance: What You Need to Know
Maritime insurance plays a critical role in protecting cargo owners, shippers, and carriers against financial losses due to accidents, theft, or damage during transit. Understanding how cargo-securing impacts claims can help businesses minimise risks and lower insurance costs.
As cargo securing specialists, we know how our products have played a pivotal role in helping businesses secure their products en route to their destinations. The advantage of cargo securing products further bolstering your insurance claims is something not many businesses consider.
What is Maritime Insurance?
Maritime insurance covers goods, vessels, and liabilities related to shipping activities. Common types include:
- Hull insurance: Covers physical damage to the ship.
- Cargo insurance: Protects goods from loss or damage during transport.
- Liability insurance: Covers legal costs and damages in case of accidents or environmental hazards.
The Role of Cargo-Securing in Reducing Claims
Cargo that isn’t properly secured is at risk of shifting, falling, or sustaining damage due to rough seas, sudden stops, or collisions. Proper cargo-securing measures ensure:
- Minimised movement: Prevents goods from shifting, reducing the chance of damage.
- Compliance with regulations: Meets international shipping and safety standards.
- Lower risk of claims: Well-secured cargo leads to fewer insurance claims, reducing costs for shippers.
Best Practices for Cargo-Securing
- Use proper lashing, dunnage, and bracing techniques.
- Follow international guidelines such as the IMO’s Code of Safe Practice for Cargo Stowage and Securing.
- Conduct regular inspections before and during transit.
By securing cargo effectively, businesses not only prevent losses but also maintain strong relationships with insurers, potentially reducing premiums and ensuring smoother claims processing.
Speak to us today about your cargo securing options and how they can benefit your maritime insurance portfolio.
