This week we have been talking about cargo accumulation: how it is affecting the shipping industry and how it may change what kind of marine insurance coverage that you hold. When confronting the growing issue of cargo accumulation, follow these four steps to protect your business and your shipments:
- Understand when and where high-value accumulations occur. Where are the freight stations, transportation hubs, ships, and warehouses where your cargo is kept during transport? When is your cargo located at these places, and how much value is in one place at one time?
- Anticipate unforeseen accumulations. It would be nice if everything ran smoothly, but it doesn’t often work that way. When mistakes and delays occur, where does your cargo accumulate and for how long? Again, what is the value of these accumulations?
- Make certain they have adequate coverage and scope. If severe weather or fire were to affect your cargo accumulations (even unforeseen accumulations), do you have adequate insurance coverage to cover your claim? Would your current policy cover the types of loss events that could damage your accumulated cargo?
- Speak with an experienced marine insurance attorney. A marine insurance lawyer can help you better understand your policy, your risks, and your ideal coverage. In the event that you need to submit a claim—or that your claim is wrongfully denied, an attorney can assist you as well.
At the Voss Law Firm, we are dedicated to helping our clients with all aspects of their marine insurance claims. Call us today to schedule a free, private meeting: 888-614-7730.