Why you should take out Marine Insurance? Whilst great care is taken in the removal of your goods, there are many risks of loss or damage, which are beyond the moving companies control. The movers liability for loss or damage is limited by their standard contract terms and conditions, which are incorporated into all removal, storage and shipping contracts. For these reasons, you are strongly advised to take out an All Risks insurance policy to protect you from the many risks to which your goods will be exposed during removal, storage and transit.
If you do not take out adequate insurance, your recourse against the mover and subsequent carriers or parties for loss or damage, if they are liable, may be limited. Other parties involved may include, for example, the shipping company or airline, other transport operators, the Port Authority and so on. These parties operate under separate contract conditions, or under international law or Conventions that may limit or exclude their liability. If a loss occurs at sea a shipping company may declare a General Average loss (which is the cost incurred by the carrier to preserve the vessel and its cargo). In this case, you, as the ‘shipper’ of the goods may have to ‘contribute’ to the General Average loss incurred by the shipping company (this principle of contribution is an insurable risk).
In summary, When the time comes to ship your worldly goods to your new home overseas, you will almost certainly use a removal & shipping company. Once packed into a container and removed from your property it is recommended you take out a marine insurance, which is also known as transit insurance. Although the chance of the cargo ship sinking at sea is remote, some damage in transit can result.
Marine insurance covers the loss or damage of cargo, i.e. your possessions, which is transferred, acquired, or stored between start and final destination. Cargo insurance i.e the insurance you would require to cover the transportation of your household goods is part of marine insurance, although Marine also includes onshore and offshore exposed property. Goods transported by mail or courier, is covered by shipping insurance.
History of Marine Insurance.
Lloyd’s Coffee House was the location of the very first marine insurance market. What started as a small group of interested parties wishing to insure cargo and ships, became Lloyd’s of London. The Lloyds offices are in an iconic building situated in Lime Street London.
Marine Insurance rates.
The cost of marine insurance will vary and is usually a percentage of the value of the cargo. LSS Relocation will introduce you to the broker who will provide a quote.
Marine Insurance Compensation Scheme.
Royal & Sun Alliance Insurance plc is a member of the Financial Services Compensation Scheme (FSCS). This provides compensation in case any member goes out of business or into liquidation and is unable to meet any valid claims against its policies. You may be entitled to compensation if we cannot meet our obligations, depending on the circumstances of the claim. Further information about the compensation scheme can be obtained from the FSCS.
Arranging Marine Insurance Cover.
LSS Relocation work with preferred partners who offer the best service to our clients. Marine Insurance is arranged and administered by LSS Relocations Ltd and Basil E. Fry & Co. Ltd., Claire House, Bridge Street, Leatherhead, Surrey KT22 8BZ. Tel. 01372 385985 (FSA register No. 309678). Claims are handled by Removal Claims Service, Claire House, Bridge Street, Leatherhead, Surrey KT22 8BZ. Tel. 01372 385970.
Royal & Sun Alliance Insurance Plc (No. 93792). Registered in England and Wales at St Marks Court, Chart Way, Horsham, West Sussex RH12 1XL.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
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Location Strategy Solutions (LSS Relocation) was established in 1986. The Company has grown through innovation and excellent customer service provision and now includes many major international companies among its clients.
Through LSS’s long history within the relocation arena, deep rooted partnerships have been established across the globe allowing LSS to deliver to their corporate clients the right service for their particular needs, whether requiring seamless coordination across multiple jurisdictions or delivery in a single location.
We understand the need to combine a professional service with the personal touch, so important when dealing with the inherent stress of relocation and the particular requirements of each individual and family. Through maintaining our independence we can treat your employees as human beings and not a number in a database.
Marine Insurance | LSS Relocation Marine Insurance
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