Freight insurance explained in new short course
The word insurance can be scary; the thought of uncertainty and risk verses a cost to obtain freight insurance. Is it all worth it?
A special short course by IVS (Independent Verification Services) is designed to empower you with the knowledge of how to buy freight insurance, why it is very necessary, and how to submit a claim. You will gain knowledge of what insurance to buy and how to buy it.
Insurance has been around since the 14th century, so insurance corporations have had many years of practice to define their insurance policies. The bottom line is that insurance policies do offer good solid protection to importers and exporters, providing the elements of the policy are adhered to.
Insurance, like law, is not emotional. It’s pragmatic and there is no sailing past the policy wording when making a claim. Interpretation in standard wording is to be clear and concise. When freight forwarders quote freight movement costs, these movements should have the requirements of the goods or freight characteristics taken into account. For example, you would be unwise to move icecream worldwide, unless it was in a refrigerated (frozen) container. Insurance is the same. A majority of claims are declined due to poor or insufficient packaging and where the mode of transport itself was detrimental to the goods. This is called ‘Inherent Vice’ – a term covered in the IVS short course. In other words, the goods would have sustained damage in any event and therefore should not have been moved using this transport type or packaging.
Remember, carriers, shipping lines and airlines have no legal duty to settle any claims for loss or damage.
This short course is well worth investing in, says IVS, describing it as “not expensive, fast moving and well detailed”.
Lisa Arundell, operations manager from freight logistics firm Redfort Group, has attended the one-day IVS course and had this to say: “As a freight forwarder I found this to be really useful – with lots of information that I can pass on to my colleagues and our clients. Glenn’s knowledge and presentation skills were spot on and he did a great job keeping us interested, on what could have been a long day, with relevant stories!”