Marine Insurance Explained - Understand the Cargo Insurance You're Getting

[@muhammedhussain6013]

please keep going sir we are listening with both ears :)

[@ABTS]

Hi Muhammed, thank you for the encouraging comment! We plan on many more videos for 2022 so please keep an eye on the channel.

[@braulioromero9880]

very useful and informational

[@philpaule472]

I am learning a great deal from your videos. Thank you for making them.

[@ABTS]

Hi Phil, it’s really great to hear that the videos are helping you. Very much appreciate your comment.

[@nadabouyouli489]

Best wishes here from North Africa 🇲🇦🇲🇦

[@ABTS]

Thank you Nada! Great to hear from you.

[@colleenmclellan913]

Brilliant session...clarifying and completely enlightening!

[@ABTS]

Thank you Colleen, appreciate the comment and I’m glad to hear our video helped.

[@Tirupatidarshanam]

Thank you so much for such a wonderful session

[@ABTS]

You’re very welcome indeed and I’m happy to hear it helped you.

[@tonyduarte2268]

Great video Allan

[@ABTS]

Thank you very much Tony. I’m glad you enjoyed.

[@just_j9621]

Sir I've been waiting for the air freight video

[@ABTS]

Hi, thanks for the suggestion. Let me have a think about that and I'll do my best to get something on KZbin for you soon.

[@evahighbarnet5570]

Hi Alan. I Hope you are in great shape. I am double checking this video after Baltimore catastrophe. 4 billions insurance loss IS forecasted. To me It is hard to figure out how insurances work in this case scenario. Imagine that you are shipping valuable goods and a Tsunami or a situation like Baltimore happens. If for instance you are shipping in CFR and goods never get to the other port..you may go bankrupt depending on how fast insurances reacts. Huge risk alltogether for a company that ships valuable goods..

[@evahighbarnet5570]

Lets imagine that there Is an LC..in CFR the Seller should have no issues to get paid by the buyers bank even if the cargo does not get to the port. The risk goes to the buyer. ..but It IS hard to imagine this situation. Will the bank pay against documents even if the cargo has vanished?

[@evahighbarnet5570]

In A CIP the Seller IS covered by an insurance A..but still in the likelihood of an catastrophic event Will the management of the insured good be as Swift as to avid companies running out of cash flow and go bankrupt?

[@ABTS]

Hi Eva, thanks for your comments and yes, it's something that is very important indeed in such a tragedy. I have made a video for you on the subject which I hope clears up some of your questions: kzbin.info/www/bejne/o5fLZqeIfs53f8k

[@ABTS]

Please see the video Eva (kzbin.info/www/bejne/o5fLZqeIfs53f8k) but in short, the bank will pay on a Letter of Credit, even though the cargo may never be received.

[@ABTS]

Hi Eva, you make a good point. From my experience with insurance claims, insurance companies/brokers take their time in settling a claim. Of course, they have to exercise due diligence as the amounts involved are usually large sums. In essence insurance claims take time to settle and can effect cash flow unfortunately.

[@fender2301]

Greetings sir, I hope you're doing well. A few months ago, I had a situation in China where the supplier of the merchandise played tricks with the B/L (Bill of Lading), manipulating the quantity of packages and units. Thanksfully I paid insurance that covers all risks based on the quantity reflected in the commercial invoice, and gave the insurace (PICC)/adjuster/surveyor all the documents they requested. My case is under evaluation right now, do you think the insurance covers this type of case?

[@ABTS]

Hi Fender, sorry to hear of your troubles. If you took out insurance that covers any discrepancies from quantity actually delivered opposed to what was on the commercial invoice, yes you would be covered but I must admit I have not heard or used such insurance before personally. The only all-risks insurance I have used is marine all-risks, Clause A, in which you would not be covered for such an event. I hope it turns out in your favour, please feel free to let me know how you get on. In the future, in order to safeguard yourself against such issues, you may consider using a pre-shipment inspection by such companies as Cotecna, Bureau Veritas etc. which would insure that the correct quantity and quality would be delivered to you.

[@javedvlogs01]

Very Useful Information, keep going. Need to know Turkey's Import Export in details, can u pls guide me for the same.

[@ABTS]

Hi Javadkhan, thanks for the comment. I'm not exactly sure what you mean by "Turkey's Import Export"? We have a video here that may be of interest: kzbin.info/www/bejne/fYHFi55ugdd3gdE