Disaster in 2020?

The more complicated a claim, the more important it is to have an experienced, calm and unflappable team on your side. Honan and Chubb are the perfect providers of insurance in any scenario, but in particular, one that has many claimants and many possible complications to a positive outcome. 

"2020 has been rough for all of us,” says Mr Loy, manager for a consolidation transport specialist based primarily in Singapore, but whose reach is a global one. “We’ve struggled to keep our business going during the crisis, and spending on insurance was not our highest priority. I feel so grateful to have taken out such a comprehensive policy in advance of the absolute disaster we’ve just suffered.”

Mr Loy is referring to a recent incident, whereby a twenty-foot container headed for Bangkok was loaded with cargo belonging to a number of separate shippers. One house bill of lading was supplied, meaning the cargo was under Mr Loy’s control, and therefore was his sole responsibility. “When the cargo was unstuffed on arrival in Bangkok, the mess was unreal,” says Mr Loy, shaking his head. “The stowage had completely collapsed, causing damage to a huge number of packages. We have never had anything close to this happen before. Maybe the odd package here and there, but nothing like this.”

Mr Loy wasn’t initially sure what to do when the claims from consignees were passed over to him via the individual carriers, but relief came quickly when he checked his Multimodal Freight Liability Insurance Policy with Honan and Chubb.

The policy covers the following: 

  • Physical loss or damage to the property of others (namely cargo) arising from error whilst in transit in a vehicle owned or leased by you. 
  • Physical loss or damage to cargo arising out of the issuance of your Air Waybill or Ocean Bill of Lading &/or FIATA Bill of Lading.

In fact, coverage is also provided when there is damage to cargo as a result of insufficient or inadequate packing, crating, bracing, wrapping, marking or cushioning. Also included is improper selection, design or construction of crates, boxes or other containers when done by you or your sub-contractors, as unfortunately happened in the case of Mr Loy’s recent shipment.

To help unpick this complicated claim, Honan and Chubb provide the perfect team to ensure that you get the most out of your insurance policy. Enough reassurance that almost anything is covered, even when you weren’t quite as prepared as you might have been.

Find out more HERE.

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