This report was developed in response to frequently asked questions by brokers about how marine insurance policies respond to events such as the grounding of fully loaded cargo vessels. It can be used by brokers to discuss related exposures with their clients.
Additionally, the report addresses questions such as:
- What do you do in case of potential loss?
- Could you face costs associated with vessel's salvage?
- What if your cargo insurance was arranged by an overseas supplier?
- What if the cargo is critical to get a project completed and operational?
- Do you even have insurance cover for such an exposure?
- What is General Average and how is it calculated and applied?
- What are Salvage Costs and how are they calculated and applied