Marine Cargo Insurance? – Consider the Ever Given General Average Declaration
The entire world recently watched closely as rescue crews worked to free the Evergreen Marine container ship vessel Ever Given from the banks of the Suez Canal. Blocking all traffic in one of the world’s key waterways for a week has added more stress to global supply chains that were already severely strained.
One aspect of this incident that global importers and exporters should consider is the maritime law of General Average. General Average, recently declared by the owner of the Ever Given, will require “all cargo owners on a vessel to contribute to the costs of any loss, even if their cargo is not damaged”. This article provides more specific details on the Ever Given incident and its owner’s declaration of General Average.
If you are considering purchasing all risk marine cargo insurance for your shipments, you will want to be aware of the principle of General Average and its associate risk. A marine cargo policy should provide coverage for a General Average declaration. If you already have all risk marine insurance from C J International, then you can rest assured that you are covered if General Average is invoked.
If you have specific questions about marine cargo insurance or would like to know more about this, please contact your local C J International representative.