Forwarders Seek Coverage after Hanjin Files Bankruptcy Protection
World insurance Services advises companies to contact policy holders
FOR IMMEDIATE RELEASE
MIAMI Florida, August 31 2016 – In the wake of Hanjin Shipping company’s filing for court receivership, freight forwarders have become justifiably concerned. World Insurance Services has been inundated with queries and encourages members to seek clarification directly from insurance providers.
While most policies do not cover “loss damage” and expenses arising from insolvency of owners, and rarely cover forwarding costs or damages due to prolonged delay, each member should contact his provider for specifics on coverage.
“We encourage all of our members who have containers on board Hanjin vessels to seek further direction from their carrier, terminal or agent,” says Richard Kamppari Baker, claims manager of World Insurance. “Instructions should be communicated to the shipper who should follow (instructions) and cooperate with the forwarding of cargo to its final destination.”
In order to avoid a fall out with the client, World Insurance advises forwarders to inform the client as soon as container updates become available. The client must have the opportunity to re-direct cargo at the earliest opportunity while understanding that there are limits to what can be done under these unusual circumstances.
If WCA member companies have further questions about the above, they are encouraged to contact Richard Kamppari Baker directly using the contact information listed below.
About World Insurance Services: World Insurance Services is the exclusive risk management partner for WCA. World Insurance works side-by-side with WCA networks to provide simple and affordable risk management and insurance solutions. World Insurance’s dedicated, global team works around the clock to guide you through complex insurance-related matters.
Richard Kamppari Baker
World Insurance Services
International Marketing Manager