What was once thought of as a rare occurrence has turned into a almost fortnightly issue facing shippers. Over 3,000 containers have been lost at sea since the ONE Apus incident late last year which saw over 1800 containers lost overboard and thousands of others damaged. Marine Insurance is a crucial part of shipping, exactly for this reason.
This particular unprecedented container collapse could end up costing $200 million in cargo damage, according to an estimate from a general average surveyor. Although General average has not been declared as of yet, it cannot be ruled out.
Whats General Average you ask?
General Average is declared in the aftermath of a maritime catastrophe and is very costly for shippers without marine insurance. All parties involved in the ocean voyage will be charged a percentage of their own interests’ value to pay for shared costs and others’ loss of interests.
So tell us again why you don’t think you need Marine Insurance?
We are an agent for Midas Marine Insurance and can help you protect your cargo while it’s in transit. This can be easily arranged when we organise your freight!
More information on how we can help you can be found HERE.