Thursday, March 19, 2020

Shipping and Logistics Giant Steps Into Insurance Market

Good in Transit Policy Launched
Shipping News Feature

WORLDWIDE – AP Moller - Maersk has moved into a new field with the announcement of its just launched door-to-door insurance solution. The Danish transport and logistics giant has teamed up with Zurich Insurance to offer Maersk Cargo Insurance, a product designed to protect shippers when goods suffer physical loss or damage.

Cargo can obviously be exposed to a myriad of risks whilst in transit. Maersk Cargo Insurance looks to cover goods from the time they are first moved for loading until the completion of unloading at destination, from and to almost every country in the world, regardless the transport or carrier used. Kim Pedersen, Global Head of Logistics and Services at Maersk, commented:

“In line with our vision to become the global integrated container logistics company, we aim to provide our customers with a variety of solutions related to their supply chain. As another step in this direction, we are now expanding our product offering and adding cargo insurance to our portfolio which our customers are able to add to their booking seamlessly online, something that is currently not available in our industry. We are proud to be taking lead to digitally transform some of the core processes in the industry to further improve the customer experience.”

Maersk Cargo Insurance is provided by Zurich, one of the largest Marine Cargo Insurers in the world. Zurich is able to provide insurance products and services in over 215 countries and territories. The insurer also claims to possess the necessary financial capacity and credibility to insure the world’s largest shipments. Howard Kingston, Global Head of Marine, Commercial Insurance at Zurich, said:

“At Zurich, we are embracing digitalisation to provide customers with better and simpler services and solutions. We are excited to work with Maersk to make cargo insurance available to their customers with just a few clicks.”

Initially launched in Spain on March 16, Maersk Cargo Insurance is available for nearly all commodities, including reefer products and Special Cargo. Diego Perdones, Managing Director for the West Mediterranean Area, said:

“Maersk in Spain is proud to be part of the pilot launch of a solution created to significantly elevate the customer experience. Created to meet the needs of our customers, this is the first step in offering a cargo insurance product globally and having a variety of solutions based on our customers’ interests.”

Aiming to make the customers’ supply chain easier, they have the option of deciding at each shipment to purchase insurance or agreeing to have insurance included with every shipment upfront. With the benefit of settling all bills in one place, insurance premium for Maersk Cargo Insurance is included in the regular Maersk Freight Invoice. Maia Parlagashvili, Global Insurance Product Manager, added:

“The launch of Maersk Cargo Insurance in Spain marks the first step in offering a cargo Insurance product globally and having a variety of solutions based on our customers’ interests. We look forward to successfully roll out the product across other countries in Europe throughout 2020.”