Maersk introduces an extended liability solution

With Value Protect the container shipping company offers its customers a new solution to protect their cargo

Maersk introduces an extended liability solution

Maersk is expanding its commercial offering and introduces Value Protect, an extended liability solution. It offers customers an alternative to cargo insurance, increasing their chance of receiving full compensation in case of cargo damage in transit.

Valid while the cargo is in the care and custody of Maersk, Value Protect covers cargo loss or damage in cases such as fire, accidents due to danger of the sea, theft, natural disasters, cyber incidents, cargo damages caused by delay and contributions in General Average all of which would be excluded under the conventional terms for carriage.

Marine cargo insurance protects cargo owners from the known risk of transports; however, roughly 30% of the cargo that moves on the ocean is uninsured. For some cargo owners, it can be quite complicated, time consuming and expensive to apply and con-tract for all shipments.

“We want to offer our customers smart end-to-end solutions, simplifying their supply chains. When we asked them about their insurance experiences many told us they would like to have more simple solutions to cover their logistics risk. Value Protect is our answer to this,” says Maia Parlagashvili, Global Insurance Product Manager at Maersk.