Initially posted on March 23 2018 on www.worldmaritimenews.com
The Maersk Honam fire from earlier this month serves as a reminder of the importance of cargo insurance, says online freight forwarder iContainers.
“Given that Maersk has now declared general average, which means that the surviving cargo has to pay a share of the cost for the vessel damage, the tow, clean up, legal settlements, etc,” Klaus Lysdal, Vice President of Sales and Operations at iContainers, said.
By law, all shipping carriers are obliged to offer a minimum amount of insurance, but it offers limited coverage. Hence, shippers need to invest in additional coverage to protect themselves from worst-case scenarios, the freight forwarder noted.
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