Maersk has introduced an extended liability solution, Value Protect, as an alternative to cargo insurance with the aim to increase customers’ chance of receiving full compensation if damages occur in transit.
Value Protect – valid when the cargo is in Maersk’s custody – covers cargo loss or damage in cases such as fire, accidents due to danger of the sea, theft, natural disasters and damages caused by delay.
Available for commodities shipped in dry containers and selected commodities shipped in reefer containers, the solution can be added to regular cargo insurance or act as a substitute.
Klaus Rud Sejling, head of logistics and services at Maersk, said: “We take care of every container we transport. Yet, some events might be outside of our control, such as extreme weather or perils of the sea that may result in cargo loss or damage.
“By purchasing Value Protect our customers will have peace of mind, so that even if an unpredictable event should happen, they can rest assured knowing their business is protected.”
International laws along with terms and conditions defined in the Bill of Lading regulates the transport of goods across the world which means a good part of the risk of losses or damages sits with the shipper, Maersk has claimed.
According to Seljing, limits carriers’ liability and set potential pay-out limits.
Roughly 30% of cargo that moves through the ocean is uninsured as, for some cargo owners, it can be quite complicated, time consuming and expensive to apply and contract for all shipments.
Maersk’s customers will be able to select a Value Protect package that suits their needs at a fixed price which will be part of the standard shipping invoice.
It is available in several countries across the globe and will be gradually rolled out worldwide over six months.
Maia Parlagashvili, Maersk’s global insurance product manager, said: “We want to offer our customers smart end-to-end solutions, simplifying their supply chains.
“When we asked them about their insurance experiences many told us they would like to have more simple solutions to cover their logistics risk. Value Protect is our answer to this.”