(International Freighting Weekly – Damian Brett)
Make sure you have the right insurance policy, warns lobby group
The vessel collision off the coast of Mumbai has served as a warning to shippers to make sure they have the right insurance policy, according to online shipper forum Shippers’ Voice.
The collision between the 2,100teu MSC Chitra and cargo ship Khalija 3, which resulted in hundreds of containers falling into the sea and closing the Indian ports of Mumbai and Nhava Sheva for several days, will result in insurance claims for various losses.
But many of the shippers making claims are bound to find they won’t be compensated because they have the wrong sort of cover, claims the site.
Shippers’ Voice said: “Many shippers will find that they either do not have insurance cover, or that which they have has, hidden within the small print, exclusion clauses that limit or nullify their claim. Some will be surprised at just how little they can claim, despite the value of the consignment. And those expecting compensation for the indirect costs of delayed or lost cargo will be greatly disappointed and frustrated. There may also be wrangling between the salvers and those to whom the cargo originally belonged – the salvers will expect recompense for their work from someone.” Read more here.
