Argus Group is an oil and pipeline construction company that sources goods from around the world. In 2011, they began to question if their cargo insurance policy was worthwhile as they had not had many claims. However, in 2012 they had two major incidents - a truck carrying $809,000 of welding equipment caught fire in Russia, and a ship carrying $150,000 of their containers caught fire in the Atlantic ocean. Both claims were paid in full by their cargo insurance, saving the company from significant financial losses.
Car shipments to Suriname for “The Great Amazon Adventure”MJDelaMasa
This press release summarizes the shipping of cars from Miami, Florida to Paramaribo, Suriname for the Great Amazon Adventure Rally. A 1991 Toyota Land Cruiser was shipped in a container that departed from Port Everglades on September 13th and arrived in Paramaribo on September 24th. After customs, the vehicle was unloaded on September 27th in time for the rally. The 24-day rally will visit Suriname, French Guiana, Brazil, and Peru, exploring nature and sites like Machu Picchu. 4 Seas International Shipping specialized in container and roll-on/roll-off car shipping worldwide.
Still considering about insurance? Instead of wasting time, contact the experts of Monterrey Insurance promptly and secure your life, home, car and business with best insurance plan in Las Vegas. To get more details about us please visit here http://www.monterreyinsurance.com
Shipping insurance seminar 25th jan at mumbai are we really insured ckshirishkirtane
The document discusses various examples of situations where insureds believed they were fully covered by their insurance policies but were denied claims due to exclusions in the fine print of the policies. It provides cases where policies excluded floods, nuclear disasters, theft, damage not caused by violent entry, and more. It emphasizes that insurance policies often have many exceptions and it is important for insureds to fully read and understand their policies to avoid surprises when making a claim.
Local business man Steve Bowman of Battleground Tire & Wrecker Service was inducted into the International Towing and Recovery Hall of Fame for his contributions to the towing industry. The Hall of Fame recognizes individuals who have made significant contributions and inductees have their portraits displayed in the museum. Bowman has been involved in several towing organizations in North Carolina and worked on safety videos and regulations. He continues to serve on legislative committees to advocate for the towing industry.
This document provides information about Greenwoods Insurance Brokers Ltd, an insurance brokerage based in Greece. It lists the various types of insurance they offer, including: marine, aviation, special risks, professional liabilities, finance and banking, engineering and contractors, electronics equipment, machinery, and commercial and industrial lines. Contact information is provided at the top, along with links to additional resources on their website.
Unishippers has partnered with UPS Capital Insurance to provide affordable shipment insurance for customers. Shipment insurance protects the full value of freight against loss or damage, unlike carrier liability which has limits. It offers an easy claims process, with most claims resolved within 12 days. Customers can purchase insurance through Unishippers' online Freight Manager when booking shipments, with coverage up to $100,000 per shipment.
Car shipments to Suriname for “The Great Amazon Adventure”MJDelaMasa
This press release summarizes the shipping of cars from Miami, Florida to Paramaribo, Suriname for the Great Amazon Adventure Rally. A 1991 Toyota Land Cruiser was shipped in a container that departed from Port Everglades on September 13th and arrived in Paramaribo on September 24th. After customs, the vehicle was unloaded on September 27th in time for the rally. The 24-day rally will visit Suriname, French Guiana, Brazil, and Peru, exploring nature and sites like Machu Picchu. 4 Seas International Shipping specialized in container and roll-on/roll-off car shipping worldwide.
Still considering about insurance? Instead of wasting time, contact the experts of Monterrey Insurance promptly and secure your life, home, car and business with best insurance plan in Las Vegas. To get more details about us please visit here http://www.monterreyinsurance.com
Shipping insurance seminar 25th jan at mumbai are we really insured ckshirishkirtane
The document discusses various examples of situations where insureds believed they were fully covered by their insurance policies but were denied claims due to exclusions in the fine print of the policies. It provides cases where policies excluded floods, nuclear disasters, theft, damage not caused by violent entry, and more. It emphasizes that insurance policies often have many exceptions and it is important for insureds to fully read and understand their policies to avoid surprises when making a claim.
Local business man Steve Bowman of Battleground Tire & Wrecker Service was inducted into the International Towing and Recovery Hall of Fame for his contributions to the towing industry. The Hall of Fame recognizes individuals who have made significant contributions and inductees have their portraits displayed in the museum. Bowman has been involved in several towing organizations in North Carolina and worked on safety videos and regulations. He continues to serve on legislative committees to advocate for the towing industry.
This document provides information about Greenwoods Insurance Brokers Ltd, an insurance brokerage based in Greece. It lists the various types of insurance they offer, including: marine, aviation, special risks, professional liabilities, finance and banking, engineering and contractors, electronics equipment, machinery, and commercial and industrial lines. Contact information is provided at the top, along with links to additional resources on their website.
Unishippers has partnered with UPS Capital Insurance to provide affordable shipment insurance for customers. Shipment insurance protects the full value of freight against loss or damage, unlike carrier liability which has limits. It offers an easy claims process, with most claims resolved within 12 days. Customers can purchase insurance through Unishippers' online Freight Manager when booking shipments, with coverage up to $100,000 per shipment.
10 Questions To Ask Before You Buy Cargo Insurancejodawnwhitlock
1. The document provides 10 questions companies should ask before purchasing cargo insurance to ensure their goods are properly protected during international transport. This includes confirming the insurer has expertise in supply chain management across all modes of transport, understanding coverage limits and filing claim processes, and assessing individual company needs.
2. Key considerations include verifying an insurer offers protection for goods across all modes of transport like ship, air, rail and truck; understanding ownership terms and coverage periods; and evaluating individual company shipment volumes and risks to identify the best insurance options.
3. The document recommends consulting licensed insurance specialists to conduct a free cargo risk assessment and help identify the appropriate types of insurance needed to protect against risks in international trade.
This document provides an introduction and overview of marine insurance. It discusses the history and origins of marine insurance in ancient Greece, Rome, and Italy. It defines the nature and scope of marine insurance as covering losses related to ships, cargo, and transportation by sea. The document then outlines the main types of marine insurance, including hull insurance, cargo insurance, freight insurance, and marine liability insurance. It also mentions different types of marine insurance policies like voyage policies, time policies, and mixed policies.
The document discusses hull and machinery insurance. It provides details on the history and basic coverages of hull insurance, including accidental loss or damage to ships. It also discusses the target market for hull insurance, competition in the market, underwriting process, claims process, and factors that affect profitability. COVID-19 impacted some insurers but business has rebounded as restrictions eased. Overall, hull insurance is a profitable product with relatively low claim frequency.
Marine shipping insurance has existed since the late 17th century when sailors at Lloyd's coffee house in London would discuss insurance. Today, over 50,000 merchant ships internationally carry 90% of global trade. There are several reasons for requiring insurance, such as legal compliance, financial protection from losses, and protection from dangers at sea. Common types of marine insurance include cargo insurance, war risk policies, and insurance for ships under construction. Key parties in marine insurance are the carrier, charterer, consignee, and consignor. A bill of lading is a critical legal document that accompanies all shipments by sea.
Marine insurance protects parties involved in shipping from financial losses due to dangers at sea or accidents during transport. The document outlines the history and development of marine insurance since the 17th century. It describes key parties in shipping - carriers who own vessels, charters who find carriers, consignors who send shipments, and consignees who receive them. The bill of lading is the important legal document issued by carriers detailing a shipment. Different types of marine insurance policies cover vessels, cargo, and risks like war or piracy.
Marine insurance protects parties involved in shipping from financial losses. It covers risks like accidents, natural disasters, war, piracy and more. There are various types of marine insurance policies that cover vessels under construction, cargo, and increased ship values. Key parties in marine insurance are the carrier who owns the ship, the charterer who finds carriers, the consignee who receives the shipment, and the consignor who sends it. A bill of lading is a critical document that outlines shipping details and is required for claims of lost, damaged or delayed cargo.
Marine insurance provides financial protection against losses from damage or loss of ships, cargo, and other transport by sea. It is one of the oldest forms of insurance and originated in England. In India, marine insurance is regulated by acts based on the original UK Marine Insurance Act of 1906 and has been practiced for centuries. Policies can cover the hull of vessels, cargo on board, and liability from incidents like collisions.
Marine insurance protects parties involved in shipping goods by sea from various risks and liabilities. There are several types of marine insurance like cargo insurance, war risks insurance, and newbuilding risks insurance. Key parties involved in marine shipping include the carrier who owns the ship, the charterer who finds carriers for customers, the consignee who receives the shipment, and the consignor who sends the shipment. A bill of lading is an important legal document that is issued to the shipper and outlines important details of the shipment. Marine insurance claims for lost or damaged goods are governed by acts like the Carriage of Goods by Sea Act.
Marine insurance covers risks associated with transporting cargo by sea. It protects shipowners, cargo owners, and transport companies from financial losses. There are several types of marine insurance policies that cover different aspects like hulls, cargo, and freight. The key principles of marine insurance include utmost good faith between parties, the insured having an insurable interest, indemnifying only the extent of loss, and determining the proximate cause of loss when multiple causes contribute. Marine insurance helps ensure safe and reliable international trade by compensating losses from risks at sea.
Eyeing an Uncertain Future: 2013 LIU Survey of Risk Managers' Perspectives on...Lynn Newton
The document summarizes the results of a survey conducted by LIU with risk managers in the marine and energy industries. It discusses the key concerns identified in the survey, including: 1) availability of insurance capacity, especially for windstorm risks, given increasing global assets and risks; 2) effectiveness of insurers in mitigating clients' risks; and 3) availability of expanded loss engineering services from insurers. It provides examples of specific risks identified by various risk managers, such as reputational risks, supply chain risks, disaster planning challenges, and difficulty obtaining adequate windstorm coverage.
Marine insurance originated in England to insure ships transporting goods over seas for commerce. Before marine insurance existed, people would pool their money so those suffering losses on voyages could be compensated. Marine insurance involves large shipping companies insuring their fleets of cargo ships, which can each carry millions of rupees worth of goods. It is one of the oldest and most important forms of insurance due to the high value of goods shipped internationally each year.
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10 Questions To Ask Before You Buy Cargo Insurancejodawnwhitlock
1. The document provides 10 questions companies should ask before purchasing cargo insurance to ensure their goods are properly protected during international transport. This includes confirming the insurer has expertise in supply chain management across all modes of transport, understanding coverage limits and filing claim processes, and assessing individual company needs.
2. Key considerations include verifying an insurer offers protection for goods across all modes of transport like ship, air, rail and truck; understanding ownership terms and coverage periods; and evaluating individual company shipment volumes and risks to identify the best insurance options.
3. The document recommends consulting licensed insurance specialists to conduct a free cargo risk assessment and help identify the appropriate types of insurance needed to protect against risks in international trade.
This document provides an introduction and overview of marine insurance. It discusses the history and origins of marine insurance in ancient Greece, Rome, and Italy. It defines the nature and scope of marine insurance as covering losses related to ships, cargo, and transportation by sea. The document then outlines the main types of marine insurance, including hull insurance, cargo insurance, freight insurance, and marine liability insurance. It also mentions different types of marine insurance policies like voyage policies, time policies, and mixed policies.
The document discusses hull and machinery insurance. It provides details on the history and basic coverages of hull insurance, including accidental loss or damage to ships. It also discusses the target market for hull insurance, competition in the market, underwriting process, claims process, and factors that affect profitability. COVID-19 impacted some insurers but business has rebounded as restrictions eased. Overall, hull insurance is a profitable product with relatively low claim frequency.
Marine shipping insurance has existed since the late 17th century when sailors at Lloyd's coffee house in London would discuss insurance. Today, over 50,000 merchant ships internationally carry 90% of global trade. There are several reasons for requiring insurance, such as legal compliance, financial protection from losses, and protection from dangers at sea. Common types of marine insurance include cargo insurance, war risk policies, and insurance for ships under construction. Key parties in marine insurance are the carrier, charterer, consignee, and consignor. A bill of lading is a critical legal document that accompanies all shipments by sea.
Marine insurance protects parties involved in shipping from financial losses due to dangers at sea or accidents during transport. The document outlines the history and development of marine insurance since the 17th century. It describes key parties in shipping - carriers who own vessels, charters who find carriers, consignors who send shipments, and consignees who receive them. The bill of lading is the important legal document issued by carriers detailing a shipment. Different types of marine insurance policies cover vessels, cargo, and risks like war or piracy.
Marine insurance protects parties involved in shipping from financial losses. It covers risks like accidents, natural disasters, war, piracy and more. There are various types of marine insurance policies that cover vessels under construction, cargo, and increased ship values. Key parties in marine insurance are the carrier who owns the ship, the charterer who finds carriers, the consignee who receives the shipment, and the consignor who sends it. A bill of lading is a critical document that outlines shipping details and is required for claims of lost, damaged or delayed cargo.
Marine insurance provides financial protection against losses from damage or loss of ships, cargo, and other transport by sea. It is one of the oldest forms of insurance and originated in England. In India, marine insurance is regulated by acts based on the original UK Marine Insurance Act of 1906 and has been practiced for centuries. Policies can cover the hull of vessels, cargo on board, and liability from incidents like collisions.
Marine insurance protects parties involved in shipping goods by sea from various risks and liabilities. There are several types of marine insurance like cargo insurance, war risks insurance, and newbuilding risks insurance. Key parties involved in marine shipping include the carrier who owns the ship, the charterer who finds carriers for customers, the consignee who receives the shipment, and the consignor who sends the shipment. A bill of lading is an important legal document that is issued to the shipper and outlines important details of the shipment. Marine insurance claims for lost or damaged goods are governed by acts like the Carriage of Goods by Sea Act.
Marine insurance covers risks associated with transporting cargo by sea. It protects shipowners, cargo owners, and transport companies from financial losses. There are several types of marine insurance policies that cover different aspects like hulls, cargo, and freight. The key principles of marine insurance include utmost good faith between parties, the insured having an insurable interest, indemnifying only the extent of loss, and determining the proximate cause of loss when multiple causes contribute. Marine insurance helps ensure safe and reliable international trade by compensating losses from risks at sea.
Eyeing an Uncertain Future: 2013 LIU Survey of Risk Managers' Perspectives on...Lynn Newton
The document summarizes the results of a survey conducted by LIU with risk managers in the marine and energy industries. It discusses the key concerns identified in the survey, including: 1) availability of insurance capacity, especially for windstorm risks, given increasing global assets and risks; 2) effectiveness of insurers in mitigating clients' risks; and 3) availability of expanded loss engineering services from insurers. It provides examples of specific risks identified by various risk managers, such as reputational risks, supply chain risks, disaster planning challenges, and difficulty obtaining adequate windstorm coverage.
Marine insurance originated in England to insure ships transporting goods over seas for commerce. Before marine insurance existed, people would pool their money so those suffering losses on voyages could be compensated. Marine insurance involves large shipping companies insuring their fleets of cargo ships, which can each carry millions of rupees worth of goods. It is one of the oldest and most important forms of insurance due to the high value of goods shipped internationally each year.
Similar to da5d4bad-cbcd-4dd9-90d9-01801f71e7ab_Argus Case Study (11)
da5d4bad-cbcd-4dd9-90d9-01801f71e7ab_Argus Case Study
1. CASE STUDY: Argus Group, Ltd.
Founded in 1981, Argus is an oil and pipeline
construction company doing business primarily
in Russia and the former Soviet countries. They
distribute pipe welding equipment, heavy
equipment, anti-corrosion materials and other
products used in the construction, repair and
restoration of pipelines and infrastructure.
UPS Capital FINANCIAL, INSURANCE & PAYMENT SERVICES FOR YOUR SUPPLY CHAIN
Challenge
Argus sources goods from all over the
world, shipping every type of cargo
through every possible mode (air, ocean,
truck, rail, etc.). Their supply chain runs
through some of the world’s most
complicated and high-risk countries.
Solution
A comprehensive cargo insurance policy
through UPS Capital Insurance Agency, Inc.
since 2001.
Results
Through the years, Argus had very few claims.
Then in just one month, their policy saved
them from a catastrophic million-dollar loss.
David Lax reluctantly admits it. “There was a time in 2011 when we wondered if the expense for cargo
insurance was worth it,” he recalls. “It crosses your mind sometimes, especially if you don’t have many claims.”
Lax joined Argus in 1993, and today serves as the company’s vice president of operations. Back in the day,
he also introduced Argus to their first cargo insurance policy. “They didn’t use cargo insurance back then,” he
says. “They used carrier liability on a shipment-by-shipment basis, which was really difficult and expensive.”
Argus began with UPS Capital in 2001, and today they have a comprehensive policy that insures their
shipments, regardless of carrier or mode. “The rates were much cheaper than what the freight forwarders
were charging,” David remembers.
Thanks to meticulous packing and some good luck, Argus had few supply chain incidents over the years.
“We might have had one claim,” Lax recalls. Until the summer of 2012, that is.
Nobody thinks about cargo
insurance. Until a million
dollars goes up in smoke.