Cargo Insurance Announcement OCEANAIR, Inc. has been advised by Roanoke Trade Services, our Marine Cargo Insurance Agent, of updates to cargo insurance policies that affect OCEANAIR’s coverage in particular, but are likely pertinent to most all cargo insurance policies. Included below, are endorsements to OCEANAIR’s insurance policy relative to Computer and/or Electronic Components and Packing requirements.
Although these are specific to OCEANAIR in this case, we understand that the conditions are or will be common to most Marine Cargo policies in general. These updates derive from Watkins Underwriters at Lloyd’s aka the Watkins Syndicate. We attach a pdf of the country insurance exclusions and also the list of countries subject additional premiums for War Risks and Strikes, Riots and Civil Commotions commonly known as SR & CC. Please note these changes may affect your company’s insurance coverage. If in doubt, consult your insurance agent. If you have any questions, please do not hesitate to contact Harvey Waite of OCEANAIR, Inc. at (781) 286-2700 or hwaite@oceanair.net.
Revised conditions of coverage:
Clause 15 Average Terms & Conditions, Part C. Special Insuring Conditions is amended to include:
19) COMPUTER AND/OR ELECTRONIC COMPONENTS ASSEMBLED ON RACKS are insured against “All Risks” of physical loss or damage from any external cause, except as excluded by the Clauses in Section 7 of this Policy. However, each claim shall be subject to a deductible of ten percent (10%) of the total insured value (subject to a minimum deductible of $5,000). This deductible does not apply to computers and/or electronic components in manufacturer’s boxes.
Clause 59 General Exclusions, Part G is amended to read:
In no case shall this insurance cover loss, damage or expense caused by insufficiency or unsuitability of packing or preparation of the goods insured to withstand the ordinary incidents of the insured transit where such packing or preparation is carried out by the shipper or consignee or their employees, or prior to the attachment of this insurance (for the purpose of these Clauses “packing” shall be deemed to include stowage in a container and “employees” shall not include independent contractors);
Please keep in mind that although a transaction may appear to be excluded, please ask us to check with our underwriters to see if Insurance is available on a case-by-case basis. No exceptions will be approved without written confirmation from our underwriters.
