INSURANCE

Insurance Coverage for Your Shipment

Rest easy when you ship with ICE.

Our In-House Insurance is managed through Marsh Cargo Insurance and in ten years we have experienced only awesome Customer service for our clients.

Everything that moves is automatically insured, but that’s only limited liability on your bill of lading and you don’t want to leave it at that.

Cargo Insurance will give you Third Party Insurance with First Party coverage – low cost and high coverage.

What is Third Party Insurance?

An insurance policy purchased for protection against the actions of another party. Third-party insurance is purchased by the insured (first party) from an insurance company (second party) for protection against another party’s claims (third party). Visit Marsh Cargo Insurance.

It isn’t always a simple choice to insure your freight.  Factors such as total value, shipping origin and destination, mode of transportation, etc are important.

“If you decide  not to pay to insure your shipment, the goods shipped are automatically covered under legal liability standard to the transportation industry. For domestic shipments the coverage is equal to $0.50/LB with a $100.00 minimum provided the cost of the goods is greater than $100.00. In the case of partial loss/damage, only the lost or damaged portion of the freight is subject to the claim settlement amount of $0.50/lb. For international shipments the legal liability set forth by the Warsaw convention is $20.00/kg or the actual value of goods if less than $20/kg.  For international sea freight shipments the legal liability limit is $500 per customary shipping unit.  (FCL: 1 container = 1 shipping unit, LCL: shipping units = piece count on the Ocean Bill of Lading).”

Shipping Insurance

http://en.wikipedia.org/wiki/Total_loss

Marine Insurance was the earliest well-developed insurance in history.  The Marine Insurance Act became a guide for all non-life insurance.  Presently marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym ‘MAT’.

Shipping Insurance – Total Loss