{"id":357,"date":"2018-08-02T20:17:23","date_gmt":"2018-08-02T10:17:23","guid":{"rendered":"http:\/\/34.220.156.218\/blog\/?p=357"},"modified":"2024-06-10T18:26:13","modified_gmt":"2024-06-10T08:26:13","slug":"podcast-marine-insurance-import-export-shipping","status":"publish","type":"post","link":"https:\/\/incodocs.com\/blog\/podcast-marine-insurance-import-export-shipping\/","title":{"rendered":"Podcast &#8211; Marine Insurance with Steve from Coverfreight"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">The Import Export Podcast<\/h2>\n\n\n\n<p>\n\nSteve from Coverfreight gives our listeners and understanding of how marine insurance works. We discuss why it&#8217;s important for shippers to insure their cargo and who should cover insurance based on the IncoTerms agreed. Steve gives insight into some of the common problems and claims made when shipping goods Internationally. We give tips on how shippers should choose a marine insurance provider for their business operations.\n\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Topics Covered:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><strong>Why is it important that shippers have goods covered by marine insurance?<\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong>Which party should cover the marine insurance?&nbsp; Does it depend on the IncoTerms?<\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong>What are the main types of marine insurance cover?&nbsp; What factors should shippers consider?<\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong>What are the main differences between cover A, cover B and cover C?<\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong>What are the top few major reasons for insurance claims?<\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong>What is the difference between cargo and transit?<\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong>When should shippers consider once-off marine insurance cover VS annual cover?<\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong>How do shippers go through the process of making a marine insurance claim?<\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong>How long would it take from lodging a claim to actually receiving the payout?<\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong>How does Coverfreight work to make marine insurance easy?<\/strong><br><strong>What are some key tips to finding a good marine insurance broker?<\/strong> <\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-left\">Listen to Podcast:<\/h2>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/anchor.fm\/incodocs\/embed\/episodes\/Marine-Insurance-with-Steve-from-Coverfreight-e1u9md\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-left\">Watch Webinar<\/h2>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/AzvFrsDD5VE?rel=0\" frameborder=\"0\" allow=\"autoplay; encrypted-media\" allowfullscreen=\"\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">Are you working on innovative solutions for the Supply Chain? Contact us for Media partnership opportunities.<\/h2>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/incodocs.typeform.com\/to\/qNgOq4\">Contact Us<\/a><\/div>\n\n\n\n<div style=\"height:61px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Read full Transcript here:<\/h2>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hi, everybody. It&#8217;s Ben Thompson here from incodocs.com.\nWelcome to the Import-Export podcast. Today, we\u2019re talking about\ninternational&nbsp;marine insurance. We&#8217;re joined by&nbsp;Steve Mahaffey from Cover\nFreight. Steve, welcome to the podcast.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thank you, Ben.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So, today Steve and I want to discuss how marine\ninsurance works, what shippers actually need to understand about marine\ninsurance, and how you can ensure that you have the right cover for what you\nneed in your business. So, Steve, before we start, tell me a bit about yourself\nand the experience you&#8217;ve had in this industry.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Okay, Ben. Well, this is my 25<sup>th<\/sup>\nyear in marine insurance. I started off as a marine underwriter&nbsp;at\na company called Associated Marine Insurance, a very well-known company here in\nAustralia. I was there for 15 years as an underwriter&nbsp;and various other\njobs, working in claims&nbsp;to&nbsp;development, to even\nmanagement,&nbsp;quite&nbsp;a lot of management. From there, I left the Marine\nCompany and started my own business. I have been now a marine insurance broker\nfor the last 10 years.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So, you should know a thing\nor two about marine insurance?<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I hope so. Well, also during that time, I actually did 12\nyears of study. I ended up obtaining a fellowship in insurance, which is the\nhighest level you can achieve within our industry. And, I also went off to the\nAustralian Maritime College where I got a graduate diploma in ports and\nlogistics.<\/p>\n\n\n\n<p>Ben:\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sounds great. So, today, I\nwant to give our listeners some information, just&nbsp;around basic terms, and\nwhat marine insurance is, and how it works. So we&#8217;ll give them some tips and\nlet them know the best way they can ensure they&#8217;ve got the right cover for\ntheir business. So, to begin with, I guess, can you explain why it is important\nthat, as a shipper, I must have my goods&nbsp;covered by marine insurance?<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alright, probably the first and easiest example to explain\nis the general average incident, where even though your goods might have\nbeen&nbsp;damaged on a vessel, if there\nis some, if their vessel does get into any peril, you have to pay the shipper\nto get your goods released. So, it&#8217;s quite an interesting concept, which I&#8217;m\nsure you&#8217;ll probably ask me about later on and I&#8217;ll go into a little&nbsp;bit\nmore depths but that&#8217;s certainly one reason besides your usual breaking,\nscratching, denting, chipping, rubbing, bruising,&nbsp;there is plenty of\nthefts.&nbsp;We have a lot of non-deliveries, containers not turning up, or\npackage is going astray&nbsp;via the various carriers they take it. And then,\nwe also have our major losses of you sinking and stranding, ships getting into\ntrouble. We also have a lot of road rollovers\nand major losses that occur via that blindside.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, it&#8217;s not so much a straightforward process, is it?\nI mean, it&#8217;s easy for some people to assume that the containers just get\ndelivered. They get put on the boats. They arrive at your door. But, in between, there&#8217;s so much risk involved. And\nit&#8217;s imperative that they ensure that cargo because there&#8217;d be nothing worse to\nour business that, as you say, container gets lost or dropped or completely\ndestroyed. That&#8217;s a lot of money.<\/p>\n\n\n\n<p>&nbsp;Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It&#8217;s\na lot of money. That&#8217;s for sure. Yes, then and I think the actual owner of the\ngoods, they do employ freight forwarders to move their freight around. But, I\nthink a lot of the risk itself, the freight forwarder, certainly doesn&#8217;t convey\nthat to the owner of the goods. An example&#8217;s like, getting subcontracted to a\ntrucking firm, for instance. And then that trucking firm might subcontract\ntheir cargo out to another firm. And then it gets subcontracted out again and\nfinally arrives at your front door in a truck that&#8217;s just got&nbsp;white panels\non. So, a lot of people were happy just that their goods have arrived but I&#8217;m\npretty sure they don&#8217;t really understand the logistics behind all of that.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yeah, absolutely. And when it comes to who should cover\ntheir marine insurance aspect and where the risk changes over, I guess that\nrelies a lot upon the Incoterms, the buyer and seller agree to.&nbsp;So, just say\nI\u2019m buying 20 foot container from my\nsupplier, and I&#8217;ll buy on FOB terms, what&#8217;s the best way that I can arrange\nmy&nbsp;cover there?&nbsp;Should I consider, obviously depending on my volume,\nbut what&#8217;s the difference between a once-off\ncover or an annual cover, and the benefits and pros &amp; cons with that?<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For sure, well, marine insurance is all warehouse to\nwarehouse coverage. So, the policy begins once the goods are first picked up\nfor the purpose of loading, and the policy ends once those goods are at their\nfinal destination. But, with marine insurance, you need ownership in the goods\nto actually claim on it.&nbsp;Now,&nbsp;this is an interesting concept for\npeople to get their head around. Now, the ownership is determined by the\nIncoterms. So, in your instance, where you said you&#8217;re&nbsp;importing\na container on an FOB basis, the\nchangeover&nbsp;or&nbsp;when you actually own the goods will be at the exporting\nport overseas, wherever that may be overseas. So, you could say that that first\nleg&nbsp;because every bit of cargo has\nto get to the port, that would be the ownership of the seller to you. Now, once\nyou buy the&nbsp;FOB, once&nbsp;it passes the ship&#8217;s rail and&nbsp;is on the\nship, it becomes the ownership where you can now claim on it. So, and like I\nsaid, it will cover it right to the final destination. So, if it arrives here\nin Australia, for instance, and then it needs to be trucked to the rail and\nthen riled up to the top of North Queensland, that it&#8217;ll be in the one marine\ninsurance coverage&nbsp;that you can take out.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So, it&#8217;s important to look into it and get it right and\nactually understand what part of the journey it actually covers because. . .<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Very much so, yes. Here at Cover&nbsp;Freight,&nbsp;we talk\nto people about the Incoterms all the time. So, we do have inquiries where\npeople will call up and want insure and we&nbsp;will say, \u201cWhat&#8217;s your term of\npurchase?\u201d the term of sale that they&#8217;re&nbsp;selling it to them. And they\nmight tell us DDP. And, we will tell them that they actually don&#8217;t own it until\nit gets to their warehouse itself. So, there&#8217;s no point buying marine\ninsurance.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absolutely, so you must&nbsp;so&nbsp;firstly understand\nthe Incoterm properly and then contact your marine insurance provider and get a\nproper cover.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, a lot of people confuse payment with ownership of\ngoods in international trade. I would say that&#8217;s one of the common areas where\nwe see a little bit of pitfall there that\npeople have a lack of understanding. They think, &#8220;I&#8217;ll pay for this and so\nit becomes mine.&#8221; Unfortunately, with international trade, it&#8217;s all\ndetermined by their Incoterm. Some people might have accounts and they might\nnot even pay for those. So, on the reverse side, they might have already have\npaid for it,&nbsp;they have an account for 45 days\nwith their supplier and the goods have already arrived but their ownership\nmight have been at that FOB point&nbsp;and they need to insure it from then on.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absolutely. And what types are the main types of marine\ninsurance cover in simple terms, what, does it depend on the cargo, depend on destination?\nWhat are the factors that the shippers should consider?<\/p>\n\n\n\n<p>Steven: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, well cargo insurance is one of the\noldest insurances around. We&#8217;ve always had three types of cover you can\npurchase under your cargo insurance. Really, the costing now of cargo\ninsurance, the one thing about cargo insurance is that it&#8217;s cheap. There&#8217;s a\nlot of competition out there. There&#8217;s a lot of competition internationally, let\nalone here in Australia. There is, I would know at least a dozen underwriters\nwho would offer cargo insurance. So, with that, due to that competitive nature,\nit&#8217;s fairly cheap. And we always recommend people buy the cover A or\nthe&nbsp;top cover.&nbsp;I think you&#8217;ll&nbsp;find that the pricing in between,\nit&#8217;s quite pointless to buy what we call an Institute Cargo Clauses C&nbsp;when\nit might be only $50 to $100 to actually then get an Institute Cargo Clauses\nA&nbsp;that will cover a lot more risk to your goods.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So, what are the main differences is split&nbsp;up\nbetween cover A, cover B, and cover C.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, alright. Well,\nwe&#8217;ll start at the bottom with cover C. Cover C&nbsp;generally is a major peril\ncover. What do we call major peril in marine insurance? A major peril is things\nlike sinking, stranding. General average would be a&nbsp;major peril. Once it\ngets, on the land, a fire or flood or a collision or overturning of the\nvehicle. We call them your major perils. Cover B, if you buy a cover B, the one\nin between, will&nbsp;add you a few more sea risks, will add a&nbsp;washing\noverboard risk to your cover and will also offer some sort of theft element in\nthere as well if you want to purchase an\nextra theft element. With you cover A, your cover A will cover your full all\nrisk goods, we call it all risks. And in layman&#8217;s term, you could use that\nword, &#8220;comprehensive.&#8221; So, it&#8217;s the most comprehensive cover you can get. So we&#8217;ll cover that\nscratching, denting, chipping, bruising, rubbing, tearing in the container. We\nwill also cover any theft, non-delivery,&nbsp;pilferage\nif somebody were to steal something out of the container and then seals\nit back up, and then all your other major perils that are covered under cargo\nC.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From your experience what are&nbsp;the top few major\nreasons for an insurance claim, the most popular, the most popular insurance\nclaims.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accidental damage, I would say, would be, if you want to\nuse the word &#8220;popular,&#8221; would be the most claimed.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Probably not the right word to use&#8230;.&nbsp;<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; They are certainly the most. Accidental damage is your\ntypical breakage. So, when something isn&#8217;t stored correctly in the container it\ncomes loose and it breaks. Or it could be on a flat rack, and it&#8217;s gets bumped\non another bit of&nbsp;cargo and this leads to&nbsp;accidental damage to it. We\ncertainly have a good sway of the&nbsp;theft&nbsp;claims or non-delivery. It&#8217;s\nhard to say which one. But marine insurance will pay off for either\none.&nbsp;And&nbsp;then lightly, I&nbsp;must&nbsp;say, in the last couple of\nyears we&#8217;ve had a few general averages&nbsp;come\nalong our shore, which is always an exciting time in our marine insurance\nclaim.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, it&#8217;d be a big job to go through all those claims,\nno doubt.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Well, we certainly talk about these major perils and\ncertainly the&nbsp;general average for years and years. We do like it when they\ncome along.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, okay, and what is the difference between cargo and\ntransit?<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alright, well, cargo is a term in insurance that&#8217;s used to\ndenote any type of goods, produce, livestock, pretty much anything that you can\nthink of that is transported generally for what we call a commercial gain. So,\nthat&#8217;s what we would call cargo. We&#8217;d certainly, here at Cover Freight,&nbsp;we\nensure cargo not for commercial gains,&nbsp;for personal nature, so a household move,\nfor instance, or importing a car. Yes, we certainly do a lot of those but I\nwould say 98% of what we do is for that\ncommercial gain. So, people in trade,\nbuying and selling.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And, when should I consider doing a once-off marine insurance cover for my shipment\nor an annual cover? What&#8217;re the advantages\nof&nbsp;either&nbsp;way?<br>\n<br>\n<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, well, like I said, the cost of marine insurance has\ncome down&nbsp;substantially. So there has been a shift in annual and\nsingle&nbsp;transit policy. There is a shift in the way that, previously, it\nwould cost you the same to buy an annual policy so if you had three single\ntransit&nbsp;policies a year. Now that the price has come down, you could\nprobably do probably half a dozen single transits. And all of that premium\ntogether, it would be the same for an annual policy. So, but there&#8217;s no doubt\nabout it if you&#8217;re an importer or exporter and you&#8217;re doing more than, four to\neight&nbsp;shipments a year, you can certainly look at an annual policy,\nbecause way we see it with marine insurance, a lot of the&nbsp;charges is\naround the administration. Like I said, marine insurance has been around a long\ntime. It&#8217;s been administered very poorly and very costly for the client.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, okay, and run me through the process of what\nactually happens if I have a problem with my shipment. I&#8217;ve ordered my 20 foor container. It&#8217;s turned out to my\npremises and the cargo has been damaged quite badly. What does that process\nlook like? What&#8217;s the first thing I do and how do I claim on that?<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Well the first thing you do is call us here at Cover\nFreight and we appoint a marine assessor&nbsp;who is on your side. And I know a\nlot of people think and says, is on your&nbsp;side, but really the assistant&#8217;s\njob is to get all the paperwork, to tell\nyou what to do, to tell you the next steps, to tell you if you can reorder\nstraight away or if you should wait. So, he&#8217;s there for that advice on the spot\nand to run the claim right from the beginning and right through his final\nrecommendations where we pay the client.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, it&#8217;s important to remember, like you said,\neverybody is working together. You got to jump through the hoops. You&#8217;ve got to\ndo fill out the right paperwork. And, typically, how long would that process\ntake from lodging the claim to actually receiving a payment?<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, I would say. Typically, with the industry itself, it\nwould probably around three weeks. We have modernized it&nbsp;quite a lot here\nat Cover Freight.&nbsp;And, we certainly have, we have what we call settling\nauthority here so we could, we believe in, that can assess&nbsp;the loss.\nCertainly, any small losses we don&#8217;t even bother assessing, we just send out\nthe check and away we go. So, we really don&#8217;t want too many hassles with the\ninsurance on the claiming side. We want to make it very easy for the client to\nget on with their business and put in that reorder and get their stuff back out\nhere. And a lot of policies will even have additional benefits in the event of\nclaims, things like expediting expenses would be included in every single one\nof our policies. So,&nbsp;if there was something extremely important that was\ndamaged, and it came by sea, and you need it pretty soon, well the policy will\npay for air freight to bring the stuff out.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Okay, yes.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So, there are a lot of benefits around that claiming\nsituation to try and get you into that same position&nbsp;you were prior to the\nloss.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So, it&#8217;s important to talk to your insurance&nbsp;broker\nand&nbsp;give them a really deep understanding of your business.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Very much.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; They know your operations. They know where you&#8217;re\nbuying&nbsp;products from. They know how you&#8217;re sending them, air freight, sea\nfreight, how often you&#8217;re sending them, where you need to get them delivered\nto, so that, as you say, in the event of any issues, the cover is already in\nplace and they can go they can go through quite smoothly.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So, I&#8217;ve heard you guys at Cover Freight, you&#8217;re working\nhard to streamline the whole marine insurance cover process. Tell me a bit\nabout how that, what you&#8217;re doing, how that works to streamline from making new\nmarine insurance covers to claiming on that online.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, alright, we&#8217;ve worked\nvery hard to put a bit of tech behind this 100-year-old\ncargo insurance. And, the tech simply scrapes a lot of the information we need\nin order to produce a quote. It minimizes\nany sort of, call it errors in double handling, typing errors or whatever it\nmight be. The tech itself sits within freight forwarder&#8217;s invoicing systems,\nall the systems which they use to\norganize freight from A to B. And what it does is it will scrape the right\ninformation out to produce a quote for the freight forwarder then to distribute\nout to the client itself. The insurance industry back in 2004 went through a\nreform. They call it the FSRI, which basically excluded a lot of people on\nselling insurance. So, this tech we&#8217;ve\ndeveloped abides by all the laws out there.&nbsp;So, it&#8217;s very difficult around\nall of those little situations to again allow that freight forwarder to offer\ncargo insurance to his client even though he&#8217;s not a registered insurance\nbroker.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Okay, yes, I&#8217;m sure that would clean up the industry a\nlot.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Very, yes, yes. And I guess, we at the Cover\nFreight,&nbsp;we just want to, not only clean up the industry but also, I would\nsay, shave the pricing off. Because again, like I said, a lot of it&#8217;s around\nthe administration with cargo insurance. And now, we&#8217;ve pretty much had zero\nadministration.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, sounds great. So, what are some key tips that we\ncan give listeners when it comes to finding a good marine insurance broker and what to look out for? What sort of\ntips can you give them to make that process easy?<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes. I might say it&#8217;s probably a little hard to find a\nspecialist marine insurance broker. Generally, when people leave school they\ndon&#8217;t really put their hand up to starting&nbsp;into the insurance industry for\none, let alone specialize heavily in probably one of the oldest lines of\ninsurance. So, there&#8217;s not too many of them out there. So, you really want to\nlook around for a good specialist when you saw it. A lot of general insurance\nbrokers, as we call them in our trade, as we&#8217;re a group of specialists here,\ngeneral insurance brokers, they&#8217;re a little bit like a GP. You go to them and\nthey&#8217;ll do everything.&nbsp;They&#8217;re a bit of a&nbsp;jack of all trades. But\nunlike the GP, where you go in with a sore knee and he refers you off to the\nknee doctor, your general insurance broker, if you go to him with a&nbsp;cargo\ntheory, he&#8217;ll think, &#8220;You know, I reckon I can operate on this knee and\nget a result.&#8221; So, you do have to be a little bit careful out there. I\ndon&#8217;t want to say anything against my people within my fraternity, good or bad.\nBut, certainly, I would try and seek some\nsort of specialist and see what experience they have been in marine insurance.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, I think your idea that the knowledge and specialist\nknowledge in that product and in that\nindustry, I think is quite important.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Very much so and it&#8217;s disappearing within our insurance\nindustry, as well. So, marine insurance, when you talk about your property, and\nyour liability, and your management liabilities, and all these other products\nthat an insurance broker will sell, marine insurance actually constitutes about\n2 to 3% of the whole insurance pool. It&#8217;s very small so it&#8217;s not focused on too\nmuch by your generalist insurance broker. They&#8217;d rather go for the big-ticket\nproperty accounts and the ones that will\nhave a lot more or they are a lot easier targets to obtain.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Okay, that&#8217;s great. Well, thanks so much for being here\ntoday, Steve. I think you&#8217;ve given listeners quite a few tips on what to look\nout for and the different types of cover and how it all works. Yes, thanks very\nmuch for your time.<\/p>\n\n\n\n<p>Steve: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thank you, Ben.<\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes, thanks for listening to the Import-Export podcast.\nThis podcast is brought to you by incodocs.com, where importers, exporters and\nfreight companies connect to make global trade easy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> Steve from Coverfreight gives our listeners and understanding of how marine insurance works. We discuss why it&#8217;s important for shippers to insure their cargo and who should cover insurance based on the IncoTerms agreed. Steve gives insight into some of the common problems and claims made when shipping goods Internationally. 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