Insurance for Moving Overseas
General Average means, literally, a general loss. When General Average is declared, not only are ocean carriers not liable for loss or damage to cargo, but every cargo owner is actually responsible, in part, for the cargo of others, as well as the ship itself.
A classic example of a General Average sacrifice is jettison to lighten a stranded vessel. Jettison is the throwing overboard of cargo or ship’s material, equipment or stores. Other examples include stranding, fires, and collisions. All participants (vessel and cargo owners) contribute to offset the losses incurred. General Average claims can be in the millions of dollars. What does this mean?
The liability for General Average makes purchasing cargo insurance a very important decision. You will be pleased to know that the Travel Guard and International Select policies that we recommend protect you against the General Average Clause.
RESOURCE: Samuel Shapiro & Company Inc