Hanover Insurance Group, a provider of property and casualty insurance, has launched a new ocean cargo protection product, backed by underwriting, claims and loss control capabilities.
The company said that the product provides coverage on goods in transit via vessel, air or land, including coast-wise and inter-coastal shipments. It can be customized to meet cargo insurance need, including inland transit, warehousing, processing, exhibitions, and sales samples.
According to Hanover, the new product offers coverages, including protection for concealed damages that covers goods after they have arrived, even if the packing shows no signs of damage and the shipments are not opened immediately; worldwide inland transit wherein it provides ocean cargo coverage for shipments through truck and train; goods insured which covers all lawful property shipped with the exception of some items such as money, jewelry or live animals.
In addition, the ocean cargo protection product offers claims for missing cargo if a shipment doesn’t arrive within 30 days of the expected date; broken lots and size ranges where it pays these unique claims, critical for garments and other manufactured goods; control of damaged goods/right of first refusal; storage coverage; mysterious disappearance, duty clause covering duty and taxes levied by countries in addition to the US and Canada; and coverage in the event of natural disasters.
Jane Sharfstein, vice president of ocean marine at Hanover Insurance Group, said: Today we live in a truly global economy, where more and more US businesses are seeking new customers and suppliers beyond our own shores. Whether these goods are being transported by vessel or air, they need coverage and that is where ocean cargo comes in.”