It’s a fact-of-life in international trade that – on occasion – importers and exporters suffer monetary losses as a result of damaged or stolen merchandise. In some cases the losses can be very dear to the cargo owner.
Survival in international trade demands that prudent measures are taken to avoid such potentially catastrophic losses. One avenue to achieve that protection is through cargo insurance.
In its transit from manufacturing facility to buyer’s warehouse, international cargo is constantly vulnerable to pilferage and weather- and accident-related damage. CSI International Inc. therefore, offers a door – door, all risk coverage at a very competitive price.
In the same way that auto and home insurance protect your personal assets, our cargo insurance gives your shipments the coverage that your merchandise – and business – deserves.
Insurance coverage is calculated by adding the shipment value plus international transportation costs. That sum is multiplied by 110% and then the product is multiplied by the insurance rate.
The formula is written as such: (((A + B) * 1.1) * C).
A = Value of your shipment.
B = Air or Ocean transportation costs
C = Insurance rate
The insurance rate varies depending on the mode of transport and either the destination or origin.
CONTACT US for an immediate quote on your insurance needs.
************IF YOU SUFFER A LOSS************
If you should suffer a loss on an insured shipment, here are some guidelines for notifying the carriers for your loss or damage. Failure to promptly alert the carrier could prejudice your right to a recovery of the claimed loss.
The best advice is for immediate action. To avoid any possible problems with timely reporting, we suggest that the unloading of the shipment be stopped immediately after a loss or damage is found. Take pictures for evidence. Telephone the carrier. Allow them to decide if they want a surveyor sent to your facility to further inspect the damage or loss. Treating the loss seriously and with expediency is in the insured’s best interests.
***SUGGESTED FORMAT FOR A CLAIM LETTER***
Write your claim letter in a format such as this one, on your company’s letterhead.
Name and address of carrier (Ocean / Air / Trucker)
Re: M/V (vessel name) or airline Arrived (port and date of arrival) B/L or Airway bill number and date
This will notify you that the captioned shipment has been received in the following condition:
(Brief description of Damages, Pilferage, Shortage, etc)
We are hereby filing a claim and hold you responsible for this loss and / or damage. Please acknowledge receipt of this letter and send us your claim number
***HOW LONG TO REPORT A LOSS???***
Notice of a claim must be sent to the ocean carrier immediately after the loss or damage is first noticed. An ocean carrier can avoid liability for any loss or damage unless the suit is filed within one year from the date of delivery. We recommend that a request for extension be filed with the ocean carrier 30 days prior to the one year expiration. Get the confirmation in writing.
Claims for loss due to pilferage and damage must be filed within seven (7) days from the time of delivery.
Claims for loss due to non-delivery must be filed within 120 days from the date the cargo was to be delivered.