Have peace of mind in the event of unexpected situations with cargo insurance through OWCS. If a carrier is liable for loss and/or damage caused to the goods during transport there are clear statutory rules governing the carrier's liability for the damage to and loss of goods. Such liability may be limited or excluded which would be unsatisfactory for the customer.
Cargo insurance is a critical part of the international transportation process. Most insurance providers do not have access to logistics data and more importantly, do not understand global transportation. This makes it difficult to assess risk and make accurate recommendations. Our goal is to identify the hidden risks in transportation and to structure an insurance program addressing those risks while providing financial security.
We recommend that all vehicles shipped overseas should have insurance. Nobody wants to intentionally damage your vehicle but accidents can happen. There are also some circumstances where your liability in the event of some form of damage to other cargo or the vessel can be to cover the losses of other parties. This is called General Average and can result in costs way out of proportion with the value of your cargo. Both Full Cover and Total Loss insurance we offer through Lloyd's of London include cover for General Average. Without any insurance you would be personally liable.
Full Cover Insurance covers your vehicle for scrapes and dents that may occur. Mechanical or electrical faults cannot be covered as there is no easy way to determine the condition prior to shipment.
Total Loss Insurance will only pay a claim if the vehicle is not delivered at destination or is totally written off with no potential for repair. We have never had a claim on a Total Loss policy.
When making a booking we will ask for your instructions on insurance. You can decline or request either form of insurance and declare a value for that cover. We recommend including the cost of the shipping in the amount of cover to ensure you are not out of pocket in the event of a major incident.
Both forms of insurance have a "deductible” or excess of $500 in the event of a claim.
What are the risks of no insurance?
What can I insure?
Protection For Your Goods in Transit