This week I’m continuing to talk about marine insurance.
As I mentioned in my last blog, the vast majority of removal companies who are not FSA regulated have to rely on their own standard or extended liability insurance. They can make a claim against this should the worst happen.
Important: This type of insurance covers the removers and not the customer.
If something does go wrong, you as the customer may have to pursue legal action against the remover in order to gain compensation. This can be very costly, take a lot of time and even if successful, may not result in appropriate compensation. Beware!
So what are the benefits of using an FSA authorised removal company?
Your possessions are comprehensively insured
- Policies are underwritten by major insurers providing complete peace of mind
- Professional policy documents are written with easily understood terminology
- Claims are professionally handled and promptly settled
- It is you, the customer who is insured – not the remover
- Claims are settled direct with the insurer
- Your goods are covered no matter where you are going
- The insurance is authorised and regulated by the FSA
Anyone shipping without their own quality marine insurance policy is asking for trouble.
Let me tell you why.
If the ship is in danger of sinking, the Captain often has to make a decision to offload containers. His priority is his ship, and he is thinking about the cost of replacing the ship versus the cost of replacing containers. There really is no contest; a Captain will always save his ship. So it’s not unusual to hear of this happening. What I am trying to say is there is a possibility your container could end up in the sea. If this happens and you have no personal marine insurance, you may have lost everything.
Also, be careful about which policy you choose. You should always have “Total Loss” which will cover you for the circumstances mentioned. Don’t underinsure either; it’s a big mistake.
Marine insurance isn’t cheap but I strongly advise you to purchase it. If you are using a professional removal company who are FSA regulated, they will already have good policies in place or access to them. Just be careful about what you are buying – read the small print closely and ask questions.
Ask your removal company what happens if you suffer a “Total Loss” and see how they answer you. How are claims handled? What happens in the meantime – you’ve lost all your possessions. Are claims settled direct? How long does the insurance company take to pay out? The list goes on.
I strongly advise you not to ship without a good insurance policy unless, of course, you are prepared to take a high risk.
Next week I’m going to cover putting your possessions into storage and moving cars.
Until then, keep smiling!
Best wishes
Jackie
http://www.cyprusbuyingguide.com/
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