Cargo insurance protects you from financial loss due to damaged or lost cargo. It pays you the amount you’re insured for if a covered event happens to your freight. These covered events can include anything from natural disasters, vehicle accidents and cargo abandonment to customs rejection, acts of war, piracy and more. Cargo insurance is like any other insurance – you’re protecting yourself for the day that the unexpected happens.
Our clients range from some of the world’s largest soft and biofuel trading and merchandising groups. Our specialist teams at GrECo pride themselves on providing significant experience and knowledge to every cargo insurance programme we work on.
Every day, globally thousands of goods move from point A to point B, often from one side of the world to the other, regularly travelling not just days but months. At GrECo we fully understand transporting goods around the world is not without a plethora of risks whether goods are in transit or temporary storage. That’s where cargo insurance comes in.
We work with you from start to finish, combining our understanding of your business and your objectives to create the most cost-effective risk transfer and business support solutions. We ensure we understand your business-specific risks and our job is to hedge them through insurance using our unparalleled knowledge. Our extensive transactional broking expertise and international partner network allow us to find an insurance provider that can offer you the most suitable conditions.
Our services include designing insurance programmes and marketing strategies for you, as well providing you with full insurance support for your daily business operations. We are there to provide global servicing and coordination of local insurance policy implementation using client-preferred local partners if required.
Our team will be your partner all the way. This is especially important when something unexpected happens. We will respond to claim notifications rapidly and do everything in our power to guarantee prompt collection and payment of claim funds.
Our bespoke insurance product provides All Risk cover, complemented by:
- Coverage for war risks including piracy strikes riots and Civil Commotions.
- A minimal list of exclusions.
- Transit and/or storage wherever exposed worldwide with broad form attachment and termination of risk features.
- Vessel classification and age provisions tailored to individual vessel use profiles and chartering practices.
- Commercial coverage extensions like extra expenses beyond pure cargo loss, embargo/rejection expenses, and debris removal.
We have extensive experience across the whole range of physically traded commodities. Our key focus areas are:
- Energy – crude oil, refined products, coal, LPG / LNG and biofuels.
- Metals – including raw materials such as ores and concentrates (either ferrous or non-ferrous).
- Soft/agricultural products, including grains, oil seeds/grains.
Working with us will provide you with peace of mind, in addition to getting a personalised service from specialists . We promise to advocate on your behalf, and assist and negotiate with insurers and other relevant stakeholders to ensure you are covered no matter what.
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Kristo Ristikivi
Group Practice Leader Cargo
T+372 506 9809