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How important is shipping insurance?

How important is shipping insurance?

Old Sep 10th 2018, 3:01 pm
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Default How important is shipping insurance?

So we're finally ready to accept the shipping quote, but we need to specify the total value of our goods to proceed. First of all, is this ALL goods being shipped, or just those to be insured?

As for insurance, the shipping company also included the valuation inventory form to be completed for all insured items. I believe the premium is priced at £50 or 3% value of goods (whichever is higher).

We are only shipping 168cuft in a shared container. This has been quoted to us for less than £1000 (excluding insurance and biosecurity charges).

Our most monetarily valuable items to be shipped comprise old, cheap-ish guitars, gaming PC and monitors. Other bits are second hand items, knick knacks, sentimental stuff, Primark clothing, etc. Is it even worth insuring everything, or should we just cover computer equipment and musical instruments? (Considering, also, that the policy excess is £220.) Is it even worth covering computer equipment if the policy excludes mechanical and/or technical breakdown relating to electric equipment?

To be honest, the idea of researching the local NZ replacement cost of each individual item to be shipped seems tedious and hurts my brain... I don't even know how this works with second hand items, or old models, and whatnot.

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Old Sep 10th 2018, 8:14 pm
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Default Re: How important is shipping insurance?

if you are not that fussed if the items end up at the bottom of the sea, rusted/moldy due to extreme weather changes then I would say not, except for sentimental things, things that you will miss if you did not have them. We insured all our items with Letton Percival and had our valuable (to us) flown over (there was a deal going on with PSS for this). Computer hard drives we bought over in hand luggage
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Old Sep 11th 2018, 6:59 am
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Default Re: How important is shipping insurance?

Have you seen how many containers end up in the briny? Google it! I am sure the images will horrify you and wonder why you ever questioned paying the premium.
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Old Sep 11th 2018, 8:46 am
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Default Re: How important is shipping insurance?

Originally Posted by MrsFychan View Post
if you are not that fussed if the items end up at the bottom of the sea, rusted/moldy due to extreme weather changes then I would say not, except for sentimental things, things that you will miss if you did not have them. We insured all our items with Letton Percival and had our valuable (to us) flown over (there was a deal going on with PSS for this). Computer hard drives we bought over in hand luggage
I certainly appreciate the importance of insurance generally. I guess my questions were more around how much of what we own is actually worth insuring. Since a lot of it, if lost at the bottom of the sea, can't or wouldn't be replaced.

I'll look into Letton Percival and third party insurers. But I think I need to put down a total valuation separately in the shipping quote acceptance form? But that valuation doesn't have anything to do with how much is insured?

We've never purchased insurance before for anything, let alone have had to make a claim, so forgive my ignorance around the subject.
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Old Sep 11th 2018, 9:00 am
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Default Re: How important is shipping insurance?

Originally Posted by Bo-Jangles View Post
Have you seen how many containers end up in the briny? Google it! I am sure the images will horrify you and wonder why you ever questioned paying the premium.
Had a look at the photos and, while I agree that they're horrifying, the statistics on it don't seem too bad. I'd be heartbroken if it were to happen to me, but I feel like that's always the gamble with anything.

Last year, ocean carriers moved about 130 million containers packed with cargo, with an estimated value of more than $4 trillion, the council noted, and containers lost overboard represent about one-thousandth of 1 percent of that total.
Obviously, containers going overboard are just one of the potential risks and I'm more likely to lose my stuff in other ways. Breakages, etc.
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Old Sep 11th 2018, 10:59 am
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Default Re: How important is shipping insurance?

If you are not fussed just insure for an amount you would like to have that is commensurate with what you wish to pay.

No one wants insurance until they need it, by then its too late.
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Old Sep 11th 2018, 11:12 am
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Default Re: How important is shipping insurance?

Have just moved back from the UK to Australia and had to make some of the same decisions as you. In the end I just insured our furniture, art and electrical stuff such as TV, washer, dryer and sound system, and the premium for just that worked out at 50% of the actual removing and shipping cost. To get 'derangement' cover for the electrical items I had to get the top level of cover.

If all my stuff had been well worn and due for replacement, I probably wouldn't have bothered to insure at all, but it was all newly bought in the last 3 years. I took my jewellery and personal papers in my carry on luggage.

I had originally planned to insure the lot, but reading the fine print changed my mind - in the event of a total loss (eg container overboard) the policy would only have paid the 'secondhand' value of my clothing, linen, rugs etc.
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Old Sep 12th 2018, 2:21 am
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Default Re: How important is shipping insurance?

Dont forget the threat of Piracy....yahhhhhh jim lad... we had to research the cost of items in NZ and yes it is a headache but worth it for piece of mind. Our stuff was sat on the dock the rain for two weeks even before it went on ship

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Old Sep 13th 2018, 7:20 pm
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Default Re: How important is shipping insurance?

Originally Posted by spouse of scouse View Post
Have just moved back from the UK to Australia and had to make some of the same decisions as you. In the end I just insured our furniture, art and electrical stuff such as TV, washer, dryer and sound system, and the premium for just that worked out at 50% of the actual removing and shipping cost. To get 'derangement' cover for the electrical items I had to get the top level of cover.

If all my stuff had been well worn and due for replacement, I probably wouldn't have bothered to insure at all, but it was all newly bought in the last 3 years. I took my jewellery and personal papers in my carry on luggage.

I had originally planned to insure the lot, but reading the fine print changed my mind - in the event of a total loss (eg container overboard) the policy would only have paid the 'secondhand' value of my clothing, linen, rugs etc.
I'd be fine with secondhand value to be honest, since most of our stuff is secondhand anyway. Itemising everything we own is a bit depressing, how all this junk just adds up. Especially when valuing everything in NZD, where the replacement cost seems to be more than we paid for the stuff in the first place! Wasn't even sure how to value art pieces made by ourselves/family, or things like notebooks and sketch pads. Just seems absurd that the premium can be so high in proportion to the shipping cost! And seems no option to part-insure?

Two months to go and starting to feel an overwhelming sense of panic creep in...

Thanks, everyone, for your help!
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Old Sep 13th 2018, 8:34 pm
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Default Re: How important is shipping insurance?

have you shopped around for insurance quotes?
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Old Sep 14th 2018, 9:57 am
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Default Re: How important is shipping insurance?

Originally Posted by MrsFychan View Post
have you shopped around for insurance quotes?
I've got a couple, but will look around a couple more to get an idea. Any recommendations?

I saw Letton Percival pop up a few times on here as a recommendation, so I've obtained a quote from them. Works out cheaper than the first insurance company (partnered with the shipping company), who quoted 3% of total value of goods. Letton Percival is 1.5% (+£12 IPT).

Just comparing policies now, but it seems to me that LP has better coverage anyway?
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Old Sep 16th 2018, 7:44 pm
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Default Re: How important is shipping insurance?

If you are sending goods by ocean, aside from the value of your belongings, look up general averaging and then decide.

I have always thought insurance to be a waste of money, until something goes wrong. Then I am glad to have it.
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Old Sep 23rd 2018, 5:25 am
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Default Re: How important is shipping insurance?

Hi just don't watch the movie The Perfect Storm....yes we had insurance

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Old Sep 23rd 2018, 8:06 am
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Default Re: How important is shipping insurance?

For something so risky - i.e. shipping your worldly goods across the ocean which is being handled by many who don't give a flying fxxx about any of your stuff, I'd say it's pretty important.
We insured everything for any and every eventuality, however we managed to get that at zero cost as my new NZ employer offered to cover it all on the company insurance. We had all the documents ready to enter in to an insurance contract with Letton Percival for the same service, so we would have had the insurance irrespective of getting it for free. Having one less thing to worry about was definitely a bonus.
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