Automatic all risk coverage with comprehensive extensions for international shipments is now available through Cargo Elite, a new Ocean Cargo policy introduced by St. Paul Travelers, a U.S. provider of Ocean Marine insurance.
Automatic all risk coverage differs from traditional cargo policies, which only offer all risk terms to a narrowly-defined set of goods and merchandise, while providing limited terms to all other shipments.
“Under a traditional policy, changes to an insured’s product mix or shipping pattern can result in coverage gaps,” said George Butler, director of business development, Ocean Marine. “We turned the policy ‘upside down’ and now offer all risk terms for all international ocean or air shipments, regardless of the type of merchandise or its destination.”
Cargo Elite offers a broad range of automatic extensions at no additional charge. Some of the extensions include:
* Concealed damage
* Shortage from container
* Control of damaged goods
* Consolidation, including transit to the consolidation point
* Contingent interest/difference in conditions/guarantee of collectibility
* Salesman’s samples
* Consequential reduction in value
* Fraud and deceit
Risk management challenges faced by importers and exporters in transporting goods from origin to destination have reportedly grown tremendously in today’s global economy.
“When you include the issues that can occur during the processing and distribution stages as well as transport, designing an ocean cargo policy that addresses the full scope of potential pitfalls can be a formidable task,” said Butler. “The broad, automatic features and streamlined reporting process offered through Cargo Elite makes it an ideal product for importers and exporters.”
Cargo Elite insurance protection is backed by Ocean Marine claim, recovery and loss control specialists. St. Paul Travelers offers a broad range of Ocean Marine policies and coverages, including a Custom Cargo policy designed for highly complex accounts and freight forwarders. In addition, Ocean Marine offers coverage for Marine Liabilities, Hull and Machinery, Protection and Indemnity, Marine General Liability and Luxury Yacht.
For more information, visit www.stpaultravelers.com.
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