We recommend that all clients arrange their own 'Marine Cargo' (full value) Insurance cover. Such cover minimises disruption to your business as it will usually settle any claim much more quickly than a claim under CMR terms through our freight policy, as this usually involves us claiming against sub-contractors based abroad, which adds complexity to any claim. CMR claim limits may also not cover the full value of your goods as it is limited by weight.
Claims under standard CMR terms are limited to 8.33 times the current value of 'SDR' – Special Drawings Rights per Kg Gross (SDR is a financial instrument calculated by the International Monetary Fund on a daily basis).
For example, if your shipment is worth GBP 5,000 and the gross weight is 200kg, when one SDR is worth £0.91 then claims under CMR terms are limited to GBP 7.58 per kg, or GBP 1,516 for this example shipment, a shortfall of GBP 3,484.
IFS Worldwide can arrange Marine Cargo insurance from as little as £10 for smaller shipments, and covers the full value of your goods. Any claims are handled much more quickly than a claim under CMR terms, with settlement arranged within weeks rather than many months/ years. This benefits you by avoiding unnecessary pressure on your cashflow.
Cover can be arranged immediately for most general, non-hazardous cargo. For cargo needing bespoke cover (such as high value goods, electronics etc) this can be arranged at reasonable rates within 24 hours.
