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Southern Insurance Advisors/ container insurance

Container Insurance Provided By Our Agency

Containers are widely used in national and international shipping. They carry various types of freight and mostly dry cargo. Container is a special kind of trailer because on its way it can be transferred from a truck to a train, and then to a ship without being unloaded. It is also a reason why it’s not always easy to get container insurance.

What is Container Insurance?

Container insurance is a type of protection policy that offers reimbursement for the loss or damage of your container. These losses can occur from unpredictable weather circumstances, overturning, collision and possible damage to the ship.

Containerization is a system of intermodal freight transport using intermodal containers (also called shipping containers and ISO containers and Refrigerated containers). The containers have standardized dimensions. They can be loaded and unloaded, stacked, transported efficiently over long distances, and transferred from one mode of transport to another—container ships, rail transport flatcars, and semi-trailer trucks—without being opened. The handling system is completely mechanized so that all handling is done with cranes and special forklift trucks.

Different types of container insurances

Sometimes, insurance brokers offer containers – together with cargo insurance.

The type of container insurance varies from an insurance broker to an insurance broker. So does the kind of damage you want to avert.

In general, most insurances cover the following aspects:

  • Physical Loss and Total loss
  • Recovery and Maintenance costs – Full Equipment Cover (FEC)
  • Damage Repair and Lost units
  • Third-Party Liability (ex. Chassis)
  • Coverage on Residual Value on Equipment

Container Insurance might not cover specific conditions:

  • Mysterious disappearances
  • Insolvency
  • Mechanical/electrical breakdown
  • Errors in design/manufacture
  • Depreciation, inconsistent maintenance routine

Why do you need Container Insurance?

Insurance is a way to protect your investment. Insurances provide coverage for claim settlements and expenses, including damage or loss caused by things like fire; vandalism; natural disasters (earthquakes); power surges/outages etc.When you buy a shipping container, there are many things that can go wrong. Importers often wonder whether it is worth insuring a container. It also happens that they give up this option to save money, or they forget about it. In many cases, however, the forwarder may not decide to accept the goods when it is not insured, fearing the risk. Container insurance, on the other hand, proves to be very useful and can save us from financial losses. The insurance not only protects the transported goods but also protects us against costs that may arise in the case of the so-called common breakdowns, e.g., a pirate attack or a ship’s fire. If we don’t have insurance, all costs related to the costs of rescue, etc. go to companies transporting their goods and not to the shipowner.

Already have Container Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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