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Millions Lost in Minutes: The Costly Lesson of Cargo Without Coverage
On Tuesday September 9th, over 60 shipping containers tumbled off a cargo ship, named the Mississippi, into the water at the Port of Long Beach. While the cause of the incident is still under investigation, it is an unfortunate example of how freak accidents during the shipping process can strike anywhere at any time.
Thankfully some of the containers were caught by the smaller STAX 2 vessel that was alongside the Mississippi, saving some of the contents that fell overboard. Clothing and items from fallen containers are still being pulled from the water and shoreline near the collapsed containers.
When cargo hits the water, who pays the price?
In short, without cargo insurance, the owner of the goods is who ultimately pays the price of lost goods.
When accidents like the one in Long Beach arise, companies risk taking a massive financial hit if the right protections aren’t in place. Most shipping containers carry high-value items like clothing, electronics, furniture, and more, and can be worth millions. The proper insurance can protect shippers and retailers against heavy financial burdens.
Not only do shippers need to be concerned about lost product, but the operational disruption that an incident like this one can cause. Having insurance can help cover extra costs due to re-routing and delays.
What does Cargo Insurance cover?
- Natural Disasters & weather related issues
- Threat of a sinking ship: carriers may need to push cargo overboard to avoid the ship sinking entirely
- Theft
- Fire
- Collision
- Lost Cargo
- And more!
At Western Overseas, we have a team of licensed Cargo Insurance Brokers that can walk business owners through the complicated details of which insurance option suits each individual shipment (FPA, WA, All-Risk, General Average). No need to work with numerous contacts and companies just to handle your global shipping needs. Western Overseas can help simplify and streamline the entire process, with door-to-door protection, through a single point of contact.
