The Importance of Insurance
It is a misconception that ocean carriers or other contractors in the transport chain can recover costs for lost or damaged goods. This is why we always recommend cargo insurance for all shipments. Failure to insure can result in significant costs to your business. Shipping lines, Airlines, Freight Forwarders, Terminal Operator and Road Transport Operators all contract under limited liability.
We partner with Midas Insurance Brokers. As experts in the freight and marine insurance industry, they are uniquely placed to assess your level of risk.
If a ship declares a general average, all cargo on board is subject to a line of the ship and all parties must contribute to the losses incurred. Cargo will not be released until the contribution is made or a guarantee given. The amount of contribution is usually a percentage of the commercial invoice value of the goods on board which is set by the General Average Adjuster. The implications are such that insurance against the risk of General Average is vital.
Bankruptcy of Carriers
The bankruptcy, or other financial failure of shipping lines or other carriers can involve the merchant in unforeseen expenses of substantial portions, depending upon the quantity of cargo on board vessels which suffer arrest. Goods enroute have to be unloaded from the arrested vessel and then stored pending on carriage by another vessel to ultimate destination. These are all additional costs that the merchant has to bear if they do not have adequate insurance in place.
Lost at Sea
Containers are lost at sea every year. How many? It is estimated that over 10,000 are lost worldwide. With an increase to ship sizes and capacity in recent years, we can only imagine how many containers across the oceans of the world have toppled overboard due to sea conditions. Without proper cargo insurance, your company will be liable for any losses or damages incurred. This is why we always recommend Cargo Insurance.
How can I insure my cargo?
BTi Logistics, through our partner Midas Insurance, can provide you with the coverage and peace of mind. Talk to us about insuring your cargo today.
Anything and everything. We currently handle a range cargo including but not limited to; food and beverage, steel, wood, consumer and retail goods, solar panels and equipment. We even have an automotive division dedicated to vehicles, bikes, boats and machinery.
Whilst we do handle personal shipments, unfortunately at this time we do not handle personal effects shipments (e.g. home or office relocations etc…).
Insurance costs are determined by the type of cargo and value of the cargo combined with shipping costs. If you would like to know the cost of insurance for your shipment, please contact your BTi representative.
- Freight Forwarding
- Customer Brokerage
- 3PL Warehousing & Distribution
- Supply Chain Consulting
- Project Logistics & Management
- Customs Classification
- Export Services
- Domestic Transportation
Absolutely! Through our own network we can manage shipments regardless of their origin or destination.
Experts in exports. Whether exporting by sea freight or air freight, our team are experts in their field. Talk to us about your freight exports.
Automation through integration. Benefit from increased efficiency and error reduction by integrating your system or eCommerce platform with our Warehouse Management System (WMS)
We pride ourselves on the level of customer service we provide. Upon working with us, you will be assigned a customer service rep who will be on hand for any enquiries.