Reasons to Insure your International Shipment - General Average

Old Apr 22nd 2024, 1:02 pm
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Default Reasons to Insure your International Shipment - General Average

We get lots of questions about whether customers need to insure their shipment. As well as protecting the shipper from financial loss if something gets lost/damaged/broken we always highlight the ancient maritime rule of general average, which although it seems unbelievable is actually a real thing! In short, the rule states everyone who has cargo on a ship is responsible for a proportion of the costs of salvage or losses in the event that something goes wrong , e.g., if a ship crashes or has to jettison some consignments to save the vessel to prevent it getting into distress.

We all heard about the tragic collapse in the port of Baltimore in March, caused by the vessel 'Dali' crashing into it, and the Seatrade Maritime news has now reported that the ship's owners have declared general average, which indicates all shippers will be expected to contribute to salvage costs. https://www.seatrade-maritime.com/co...eneral-average

If you're planning an international shipment please take notice of this warning and make sure to ask your mover or independent insurer if general average is covered in your policy!

Find out more about General Average for International Moves.
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