Marine Cargo Insurance (through Lloyd's of London)
Is your international cargo adequately insured?
Even if you don't think that you'll ever make a claim, it
is important to realize that accidents can and do happen.
How often do accidents happen?
Not often, but an accident one day may involve your cargo.
Is my vehicle already sufficiently insured?
If you are shipping your vehicle overseas in connection
with current military orders, your current insurance provider
such as USAA or GEICO may already cover your vehicle. Please
check with your current insurance provider to check if they
will cover losses during ocean transport of your car.
What insurance premium rates apply to my shipment?
WSA can offer the All Risk coverage that you require at
competitive rates. You may ask for quotes when you contact our
office. The quote to be offered and applied is based on your
cargo value, nature, commodity, mode of transport and origin
and destination. It's up to the party, booking the cargo, to
inform the booking clerk to purchase marine insurance at the
time of booking.
I've got more questions. Who can I contact for answers?
Our bilingual staff is uniquely qualified to answer the
broadest range of questions and concerns regarding marine
insurance issues and other issues. We look forward to being of
service. Please contact our office, toll-free at 1
866-638-1649. From outside the US, please call 1-954-
776-5611. Our main office hours are 9AM-5PM EST U.S. Time.
Here is more useful information about Marine Insurance:
Background: Ocean Freight Marine Insurance is the oldest
form of insurance, probably dating to the Middle Ages. The
organization of Marine Insurance took great steps forward with
the formation and development of an insurance market on
Lombard Street in London, England and subsequently, since
1769, Lloyds of London. Today, Lloyds still plays a prominent
role in Marine Insurance. Carriers, such as the Steamship
Lines that carry your cargo can and do limit their liabilities
to values, which are often significantly lower than the value
of your cargo. The law only requires an insurable amount of
$500.00 per package; payable claims are therefore capped. You
must also prove that the carrier is liable for the damages to
your cargo. In addition, there may be more than one carrier
involved in moving your cargo to its point of destination
making it increasingly difficult to prove liability.Cargo
insurance could include such risks as theft, sea water damage,
shortage, contamination, fire, explosion, jettison and loss
overb0oard, general average sacrifice, general average
contribution and salvage charges, and would depend on the
cargo that is being insured.