Don't Forget Your Commercial Shipping Insurance
If you’re in the business of shipping commercial goods overseas, you’ll need shipping insurance. That’s what this page is all about. Don’t worry, we’ll be quick.
Basic Commercial Shipping Insurance
What is Basic Insurance?
Good question. Basic Insurance covers total loss of the box, suitcase, holdall, backpack or other individually-packed items. What this insurance does not cover is partial loss of the box, suitcase, holdall, backpack or other individually-packed item.
Premier Commercial Shipping Insurance
(Exclusions apply – Please refer to the Terms and Conditions)
The Insurance Premier payable for cover is calculated as 5% of the ‘replacement value’ of the inventoried goods in the shipment. The ‘replacement value’ is the value that it would cost to repurchase the goods that have been lost. The value of the items you are insuring should be in the currency of the country in which your belongings are present.
Below is a table of calculations. There is no maximum insurable value for any one box. Remember to use the currency of the country you are sending your belongings from.
|5% Insurance cover
Below is an example of how to calculate the premium.
||Printer (remove cartridge)
||Other Electrical Items
|Sports Equipment (e.g. bike)
Example premium calculation – Take 5% of 385.00 = 19.25 (premium to pay). There is a single limit of 25% applied to each respective category. So let’s take our example - if a single item of clothing is lost then the maximum you can claim would be 25% of Box 1, Clothes Value 150, equalling 37.50.
Make sure that your personal effects are insured for their FULL replacement value in the country of destination. If you under-insure your goods, we will have to ‘average’ the value.
Here’s another example. An item is insured for 100.00 but the ‘true value’ of the item is 200.00. This means that the item is 50% under-insured. Therefore, you would only receive the 'average value' of those items you had insured. So 50% of 100 = 50.
And now, the damage. Damage to the contents of a consignment is not covered unless the items damaged have been carefully packed by Seven Seas Worldwide or if they were shipped in their original packaging. You’re also covered if a reputable retailer from whom the item was purchased packed the item themselves. If you see unused space in the box after packing, keep it free! A bit of space can be important to the protection of the other items in the box.
Your completed insurance form MUST be received by Seven Seas Worldwide and payment has been made for the Premier. It’s very important. If you don’t get this completed, your shipment will be delayed. Simple as that. Amendments to insurance after collection will incur a charge, and this is called a ‘Change Insurance Details Charge’ (funnily enough).
In the event of a claim, please contact our offices as soon as possible. Alternatively, you can email email@example.com.
All claims MUST be submitted within 30 days of receipt of consignment.