Marine Insurance…Do you need it?

It is unusual for any freight to be damaged or lost. So often people simply don’t bother with Marine Insurance! It is the customers prerogative.

Freight forwarders, shipping lines, hauliers and airlines all have limited liability. This means that if your shipment is damaged, lost or destroyed. Their insurance  will only pay for a certain set amount which is determined by their limited liability.  This in most cases will not nearly cover the physical cost to you.Sadly however, it is too late, that the reality of “Limited Liability” hits you!

Limited liability for Carriers is broken down as follows:

By Sea – Hague Visby rules (2 SDR) : £1.87 per kilo. £623.94 per package
By Road – CMR (8.33 SDR) : £7.80 per kilo
By Air – Montreal Convention (19 SDR) : £17.78 per kilo
By Air – Warsaw Convention (17 SDR) £15.91 per kilo
BIFA STC – (2 SDR) : £1.87 per kilo

SDR rate on March 13th was 1.0797200000
The SDR is an international reserve asset. Rates the exchange rates in terms of SDRs are also available online.)
If you would like a quote or more information , just give us a call on 01392 311420 email info@isca-forwarding.co.uk