{"id":948,"date":"2018-12-27T16:44:52","date_gmt":"2018-12-27T16:44:52","guid":{"rendered":"http:\/\/www.bocintl.com\/en\/?p=948"},"modified":"2021-12-31T17:54:42","modified_gmt":"2021-12-31T17:54:42","slug":"the-boc-blast-280-cargo-insurance","status":"publish","type":"post","link":"https:\/\/www.bocintl.com\/web\/the-boc-blast-280-cargo-insurance\/","title":{"rendered":"The BOC Blast 280 Cargo Insurance"},"content":{"rendered":"

\"\" <\/strong><\/p>\n

A Challenge to Shippers Who Would Never Dream of Controlling the Insurance<\/strong>
\n\u00a0<\/strong><\/p>\n

Shippers who rely on suppliers to furnish cargo insurance or who rely on their carriers to take responsibility for losses may be in for a big surprise. Protecting your investments by insuring your goods provides peace of mind.<\/p>\n

Buying CIF: Who\u2019s really responsible if your product is lost or damaged in transit?<\/strong> According to internationally accepted trade terms, referred to as Incoterms, suppliers selling \u201cCIF\u201d (Cost, Insurance, Freight) are responsible for arranging cargo insurance. But just because your supplier has the obligation to arrange insurance under CIF terms, it doesn\u2019t mean that they are ultimately responsible if your product is lost or damaged during transit. The ultimate burden of loss falls upon you, the buyer. This is why many experts recommend importers change their buying terms to EXW, FOB, FCA, CFR or similar terms in order to control the selection, and thereby the quality, of insurance coverage.<\/p>\n

How much is that insurance really costing you?<\/strong> Foreign suppliers and their forwarding agents often tack on placement fees to the insurance costs. Those added fees often inflate the cost of insurance well beyond market pricing for the same coverage purchased in the United States. Find out how much you\u2019re really paying and then compare quotes received from BOC International.<\/p>\n

Is the coverage your supplier purchased for you adequate?<\/strong> Importers relying on their suppliers to arrange insurance run the risk of having inadequate insurance coverage. Cargo insurance policies can vary widely in levels of coverage, deductibles and special restrictions. Ask your supplier for a complete copy of the insurance policy or for a certificate of insurance detailing all the policy terms and conditions<\/p>\n

What\u2019s the financial health of your supplier\u2019s insurance company?<\/strong> Recent financial and catastrophic events have exposed the vulnerability of insurance companies to sudden economic devastation. Importers are encouraged to make certain their suppliers use insurers with a favorable financial rating supplied by a respected financial rating service. A.M. Best, Standard & Poor\u2019s and Moody\u2019s are among some of the world\u2019s most respected. BOC\u2019s insurance company, underwriters at Lloyd\u2019s of London, has an A.M. Best financial rating of A (Excellent).<\/p>\n

How will your claim be handled?<\/strong> If insurance is arranged overseas, will you be forced to\u00a0 deal with an inexperienced, sub-contracted independent adjuster unfamiliar with the assessment of transportation related losses? Ask your supplier for a list of insurance claims adjusters contracted by the insurance company. Adjuster and surveyor networks approved by Lloyd\u2019s of London and AIMA are among the most credible. BOC has a vested interest in your insurance needs and will directly handle cargo claim documentation requirements to ensure prompt processing and timely settlement.<\/p>\n

Every Shipper Needs Cargo Insurance<\/strong><\/p>\n

Global trading involves risk; however, broad insurance coverage minimizes your financial risk. Don\u2019t leave your livelihood up to chance! Statistics show that one ship sinks each day and you will experience a General Average loss every eight years. If you are depending on the carrier to cover losses, their responsibility is limited by law as follows:<\/p>\n

Ocean Carriers\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $500 per shipping unit
\nA shipping unit may be defined as one ocean container.<\/p>\n

Air Carriers\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $9.07 per pound<\/p>\n

Truckers\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $.50 per pound<\/p>\n

The insurance we offer is competitively priced and insures approved merchandise against physical loss or damage from external causes. By purchasing cargo insurance, you can avoid inconvenience and frustration. Contact your BOC Representative at 617-345-0050 for your free quote.<\/p>\n

\"\"<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A Challenge to Shippers Who Would Never Dream of Controlling the Insurance \u00a0 Shippers who rely on suppliers to furnish cargo insurance or who rely on their carriers to take responsibility for losses may be in for a big surprise. Protecting your investments by insuring your goods provides peace of mind. Buying CIF: Who\u2019s really<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[507],"tags":[],"class_list":["post-948","post","type-post","status-publish","format-standard","hentry","category-the-boc-blast"],"_links":{"self":[{"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/posts\/948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/comments?post=948"}],"version-history":[{"count":1,"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/posts\/948\/revisions"}],"predecessor-version":[{"id":2125,"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/posts\/948\/revisions\/2125"}],"wp:attachment":[{"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/media?parent=948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/categories?post=948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bocintl.com\/web\/wp-json\/wp\/v2\/tags?post=948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}