Overseas Brokers offers cargo insurance and risk management solutions for all modalities of cargo transport.
All measures are taken to ensure product is adequately packed and properly routed for international shipment in order to minimize exposure to the possibility of loss or damage. Nevertheless losses could occur occasionally due to factors beyond our control. We offer risk management solutions to minimize the exposure to factors that could result in a loss, such as specialized packing and intelligent routing to minimize unnecessary extra handling of the products themselves.
Our risk management solutions take into account many factors including but not limited to the following:
- mode of packing provided by the manufacturer
- mode of transport
- availability of direct service as opposed to transshipment
- options for palletizing or crating to eliminate handling of individual packages by forklifts
- temperature and humidity control measures
- available equipment for loading/unloading
- sensitivity of specific components of the cargo
- exposure to weather and the elements
- safe lifting and cargo bracing techniques
- proper valuation to include product replacement cost, freight costs and duty where applicable
Our risk management services include the following:
- assessing required valuation for comprehensive coverage
- proposing and arranging for proper packing and handling of all types of cargo
- offering routing options that minimize exposure
- cost analysis for optimal packaging and routing versus deepest cost saving options
- oversight of lifting, loading, unloading and bracing by qualified professionals
- insurance appraisals
- marine surveys for proper handling and bracing
- condition surveys and reports
In most cases, spending a bit more on proper packaging and optimal routing is more cost-effective than saving on packaging and less costly routing options that could result in claims and delayed delivery of undamaged product.
Ocean, air and surface carriers’ liability is typically limited by the regulatory bodies for each industry. The legal limit of a carrier’s liability is typically insufficient to cover the full value of the products being shipped. All shipments must be insured either by the buyer or seller depending on the terms of sale. Overseas Brokers offers cargo insurance on all shipments handled through an open marine cargo policy for worldwide coverage, underwritten by either AXA or Lloyds of London, depending on the specifics of the shipment.
Insurance options include all-risk door to door coverage, warehouse to warehouse, port to port, FPA theft and non-delivery, total loss coverage, and everything in between. Shipments stored in due course of transit up to 30 days are normally covered without an insurance extension or extra premium. Shipments are covered during consolidation for shipment as well as for longer term storage by means of consolidation and warehousing endorsements. Long term storage insurance is available by extension of the ocean marine coverage at extra premium.
Claims management is offered to assist clients in preparing the required claims documentation and arranging professional surveys in order to expedite payment of valid claims. However with proper risk management and prudent decision making, most losses and claims can be avoided altogether.