You only realise something’s true value when you need it most – Insurance is a prime example
Last month, the Suez Canal was a media sensation. Customers with cargo stuck on ships behind the unfortunate Ever Given that had factored in potential risks of sea shipping were saved significant losses.
An unexpected event such as a temporary collapse of a crucial trade route, together with the ever present industry disruptions from the pandemic and the container shortage crisis, shines a spotlight on the irrefutable need to be prepared in these volatile times. Especially when freight shipping!
Anticipate delays and disruption
We’ve shared our advice on shipping during precarious times, as well as outlining the importance of upgrading your container to withstand temperature and humidity fluctuations, by using a Hillebrand VinLiner insulation liner and without fail, cargo insurance is mentioned every time. That’s for good reason; it’s a core part of freight shipping to avoid a potentially crippling financial hit when the worst happens.
Risks associated to the shipment of goods is often overlooked, placed in the realm of ‘it’ll never happen to me’. If recent events have shown anything, it is that risk must be planned for by the freight payer/owner, as we can’t stress the need for adequate insurance coverage enough.
Why you need cargo insurance is a moot point, but coverage level does vary greatly between providers, and that’s where knowing what to look out for is valuable.
Benefits of all-risk cargo insurance
Without all-risk insurance, you’ll be relying on only the compensation for your container shipment from your transporter, which is limited to a value set by their standard terms, international conventions or national laws. For sea freight cargo Hague-Visby value the compensation of goods at 2 SDR/kg / 3$/kg. Can your business really afford the loss of sale from a container of wine that was damaged and not insured?
As full-scope freight forwarders, Hillebrand’s cargo insurance policy covers the potential risks of transporting goods that require special care, by all modes of transport. Customers choose us for the very reason that we are able to take care of the entire freight process from pick up to delivery, with all the paperwork and handling in between. We’re a central point of contact and control for every aspect of your shipment.
Here’s a handy summary of our integrated all-risk insurance coverage, and our policy is laid out in full in this PDF.
How much does Hillebrand’s insurance premium cost?
We’ve developed a handy interactive insurance premium calculator where you can get an idea of upfront costs involved. This is just a guide, for an accurate quote based on your specific cargo and route get in touch with us directly.
As we weather another difficult year, adequate preparation is elemental. The right insurance coverage should be a must-have, not an underrated component in your shipment planning. Think of it this way; The price of insurance per bottle verses the GM you achieve at sale per bottle.
If in doubt, a core motto of ours comes to mind:
Consider the value of the insurance premium, not the cost!