Hanover Insurance Enhances Ocean Cargo Product

January 12, 2010

The Hanover Insurance Group, Inc. reports it has enhanced its ocean cargo insurance offering and related loss control capabilities.

This product provides worldwide coverage on goods in transit via vessel, air or land, including coast-wise and inter-coastal shipments. It can be customized to meet various insurance needs, including inland transit, warehousing, processing, exhibitions, and sales samples.

“Today we live in a truly global economy, where more and more U.S. businesses are seeking new customers and suppliers beyond our own shores,” said Jane Sharfstein, vice president, ocean marine. “Whether these goods are being transported by vessel or air, they need coverage and that is where ocean cargo comes in.”

Among the protections offered by The Hanover’s ocean cargo product:

  • Concealed Damages–Covers goods after they have arrived, even if the packing shows no signs of damage and the shipments are not opened immediately. Unlike most companies, The Hanover’s coverage is open to providing coverage beyond 90 days
  • Worldwide Inland Transit– Automatically included in the form, provides broad ocean cargo coverage for shipments via truck and train, while most ocean cargo products only offer such coverage via specific endorsement
  • Goods Insured–Covers all lawful property shipped with the exception of some items, such as money, jewelry or live animals
  • Non-Delivery–Pays claims for missing cargo if a shipment doesn’t arrive within 30 days of the expected date
  • Broken Lots and Size Ranges–Pays these unique claims, critical for garments and many other manufactured goods
  • Control of Damaged Goods/Right of First Refusal–Treats damaged goods that are restricted from being salvaged as a total loss, allowing the insured to dispose of them as needed
  • Storage Coverage–Provides coverage for items in storage before or after transit
  • Mysterious Disappearance–Provides coverage at bailee locations when items go missing
  • Duty Clause–Covers duty and taxes levied by countries in addition to the US and Canada
  • Wind, flood and earthquake–Offers coverage in the event of such natural disasters

The Hanover also offers access to marine loss control specialists.

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