DIFFERENT TYPES OF MARITIME INDUSTRY LOSSES

Understanding the marine losses to ensure a shield against them is important, especially for the insurance companies and the insurance brokers to provide their clients with apt services and insurance contracts. This also helps in evaluating the risk exposure in transit and loading, and claim procession with a complete understanding of the exclusions, financial analysis, and coverage.

1. SHORTAGE CLAIMS

You can file a shortage claim if your shipment arrives with a shortage and your consignee notes it on your Proof of Delivery (POD). This is possible if the packaging is damaged and the freight is clearly missing. It may also occur if the amount of freight delivered differs from what is printed on your bill of lading (BOL).

2. LASHING RELATED DAMAGES

The process of securing containers together on a ship can be a hazardous one. If done properly, lashing prevents containers from shifting during the voyage, even through rough seas or high winds. If the cargo is not lashed properly, the containers may fall overboard, cause ships to lose stability, or result in serious and fatal maritime accidents.

3. HANDLING DAMAGES

While in transit, there is a chance that packages will incur damages because of improper handling. Damaged products serve as a huge pain point for merchants, as they are often outside of their control, can negatively affect customer satisfaction, and are ultimately very costly for high-quality products.

OUR ROLE

At First Policy, we boast expert marine industry professionals who have in-depth knowledge pertaining to the types of losses that people working in the marine industry face.

Once our professionals identify the problem, they work with the client to develop a comprehensive strategy to meet and fulfill their unique needs.