Shipping corporations, cargo operators and ship owners should seriously consider taking out marine insurance. Given the amount of cargo you transport and how much it costs to maintain containers and other assets, it makes sense to have some financial protection in place.
For example, cargo damage can easily occur when being moved during the shipping process. While port staff are skilled and experienced, accidents can happen (and often do) which can affect the storage carton and even the goods inside.
According to The World Shipping Council, there was a 400% [GS1] increase in lost containers in 2020-21, with 3,133 reported as missing. While it’s a small amount compared to the total number transported on the sea every year, even losing one container can lead to a significant loss.
There are other things to consider such as piracy, General Average and catastrophic events, so the chances of being involved in one of these situations poses a real risk to your business. Horner Blakey can discuss your options at length and connect you with the right insurer provider who can offer the cover you need.
Before proceeding with any insurance agreement, always read the full details of your individual policy as terms and conditions will apply.