{"id":3362,"date":"2017-02-03T17:01:03","date_gmt":"2017-02-03T14:01:03","guid":{"rendered":"http:\/\/www.cosmatosblog.gr\/?p=3362"},"modified":"2017-02-08T17:13:46","modified_gmt":"2017-02-08T14:13:46","slug":"should-i-insure-my-cargo","status":"publish","type":"post","link":"https:\/\/www.cosmatosgroup.com\/blog\/should-i-insure-my-cargo\/","title":{"rendered":"Should I insure my cargo?"},"content":{"rendered":"
\r\nHistory can answer this question. The first insurance contracts, even from antiquity, had to do with ship and cargo insurance.

\r\nTo insure means to act proactively against a potential harmful event.<\/h7>

\r\nWhat do we mean by harmful event? A random, violent act that we cannot control (forces majeure).

\r\nAll kinds of transportation, either by road, air or sea, include not only random, but also sudden events and, most of all, events that are beyond the shipper\u2019s, consignee\u2019s, forwarder\u2019s and transporter\u2019s control.

\r\nEspecially when it comes to containerized, multimodal sea transports, the need to insure is urgent also because of \u201cGeneral Average\u201d, a term we will refer to comprehensively at another article.

\r\nThe owner of a cargo, who has what we call insurable interest for the merchandize, must make sure that the cargo is insured because:\r\n<\/div>\r\n
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  • The transporter or forwarder is to blame, but not always<\/li>\r\n
  • The transporter\u2019s or forwarder\u2019s liability is regulated according to International Law and includes complicated procedures and high costs (court expenses etc.) for any compensation to be awarded. Furthermore, the owner of the cargo will surely not be compensated for the whole value of the cargo<\/li>\r\n
  • Finally, the insurance cost of the cargo is low in comparison to the value of the cargo, and also the freight.<\/li>\r\n<\/ul>
    \r\n<\/div>\r\n
    \r\nBare in mind that the type of insurance (clauses) must be selected in regard to the characteristics of the cargo, but also the shipper\u2019s and consignee\u2019s real needs.\r\n<\/div>\r\n
     <\/div>\r\n