Maersk is expanding its
commercial offering and introduces Value Protect, an extended liability
solution. It offers customers an alternative to cargo insurance, increasing
their chance of receiving full compensation in case of cargo damage in transit,
says a release.
Valid while the cargo is in the care and
custody of Maersk, Value Protect covers cargo loss or damage in cases such as
fire, accidents due to danger of the sea, theft, natural disasters, cyber
incidents, cargo damages caused by delay and contributions in General Average
all of which would be excluded under the conventional terms for carriage.
“We are very pleased to introduce this new
solution to our customers. We take care of every container we transport. Yet,
some events might be outside of our control, such as extreme weather or perils
of the sea that may result in cargo loss or damage,” says Klaus Rud Sejling,
Head of Logistics and Services at Maersk.
“International conventions limit carriers’
liability and set potential pay-out limits. By purchasing Value Protect our
customers will have peace of mind, so that even if an unpredictable event
should happen, they can rest assured knowing their business is protected,”
continues Klaus Rud Sejling.
Marine cargo insurance protects cargo owners
from the known risk of transports; however, roughly 30% of the cargo that moves
on the ocean is uninsured. For some cargo owners, it can be quite complicated,
time consuming and expensive to apply and con-tract for all shipments.
“We want to offer our customers smart end-to-end
solutions, simplifying their supply chains. When we asked them about their
insurance experiences many told us they would like to have more simple
solutions to cover their logistics risk. Value Protect is our answer to this,”
says Maia Parlagashvili, Global Insurance Product Manager at Maersk.
Value Protect can act as a substitute or as
supplement to regular cargo insurance. With no additional paperwork created,
customers shipping with Maersk simply select a package that suits their needs
best at a fixed price and will then be part of the customer’s standard shipping
Value Protect can be purchased for commodities
shipped in dry containers as well as for selected commodities shipped in Reefer
containers. The solution is already available in several countries across the
globe and will be gradually rolled out worldwide over the coming six months.