Maersk is expanding its commercial offering, introducing Value Protect, an extended liability solution. It offers customers an alternative to cargo insurance, which the Danish carrier claims increases shippers’ chances of receiving full compensation in case of cargo damage in transit.
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,” said 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,” Sejling continued.
Thousands of containers onboard the Maersk Honam were incinerated when a fierce fire broke out on the 15,000 teu ship earlier this year, sparking a very significant swathe of insurance claims.
Marine cargo insurance protects cargo owners from the known risk of transports; however, according to Maersk data roughly 30% of the cargo that moves on the ocean is uninsured.
Value Protect is already available in several countries across the globe and will be gradually rolled out worldwide over the coming six months.