What happens if I under-value a shipment for insurance purposes?
The value of the shipment declared for insurance should reflect the true value of a shipment. If a loss occurs and the amount declared is found to be less than the true value, the claim settlement may be pro-rated to a lesser amount. In these situations, it is as if the insured is acting as a co-insurer of the shipment and sharing in the loss.
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What does “CIF+10%” mean? Is a valued inventory list required? What do I do when i discover a loss or damage to a shipment? What is a General Average? I’ve shipped hundreds of times and never had a loss. Why would I want to insure? How should an insured act in the event of a claim for loss or damage? What is an 'All Risks' Policy (‘A’ Clauses)? I only import Cost Insurance and Freight (CIF). Why would I need added insurance? I already have my own policy. Isn’t that enough? What is the difference between inland transit insurance and ocean cargo insurance? What are the chances that anything will happen to my goods?New to Maersk.com?
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