Techno Group > The Value of Insurance

The value of insurance for bulk transportation

A client was using their own generic insurance coverage for their cargo, when a minor accident occurred at the destination port in China. They needed assistance to check the cargo, review documents with the local authorities, and ensure the safe onward journey of the cargo. A Mandarin speaker was required to assist.

However, whilst claim information was collated and actioned over different time zones, delays occurred adding to increased costs. As the policy was held in Europe, all authorizations had to come directly from the client and, although the claim was minor, there was an excess fee payable of €5,000.

insurance case flexitanks techno tanks

Creative Commons Photo Credit: Source

It was suggested that the customer use the shippers Marine Cargo Transit Insurance (MCTI) package for future shipments. MCTI is tailored for end-to-end flexitank shipments, and under the shippers insurance package, the shipper is able to act as if they own the cargo, ensuring prompt action and authorizations.

Following these events, the client arranged MCTI through the shipper, bringing added peace of mind. Prompt action and communication through a global and multilingual network, with authorizations sanctioned by the shipper’s personnel at the point of the problem, means that immediate inspection and reports can take place, greatly reducing delays and costs, while not compromising client resources. Moreover, excess is reduced to zero.

We can also issue technical reports and offer advice and guidance to prevent similar accidents from occurring in future.

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