Maersk Introduces Value Protect, An Extended Liability Solution
International laws, as well as the terms and conditions defined in the Bill of Lading, govern the transport of goods across the world. Here, a good part of the risk of cargo losses or damages sits with the consignor. With Value Protect, Maersk now offers customers a new solution to protect their cargo.
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.
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 invoice.
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.