Anticipating Growth in Shipping, Chubb Unveils New Online Portal and Insurance Policy
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WARREN, N.J., March 7 -- Businesses of all sizes are now looking overseas to buy and sell products. To help its commercial customers manage the shipment of goods around the world, the Chubb Group of Insurance Companies has released a new ocean cargo policy and launched CargoPort, an online system that enables businesses to view their policies, submit claims and monitor shipping activities.
"Today, U.S. international trade approaches $2 trillion, and the U.S. Chamber of Commerce predicts that figure will double by 2020," said Terry D. Montgomery, vice president at Chubb & Son and ocean marine manager at Chubb Commercial Insurance. "That's why we created a new ocean cargo policy and online portal to help businesses manage their cargo shipments around the clock and around the world."
CargoPort is available through @chubb, Chubb's secure Internet site for agents, brokers and customers. It makes it easier to generate cargo insurance certificates and management reports and offers several new capabilities, including:
oautomated reporting of shipment/storage declarations;
oelectronic submission of first notices of loss;
oautomated vessel verification and OFAC searches; and
oonline review and printing of invoice details.
Chubb's new easy-to-read ocean cargo insurance policy includes a summary declarations page and simplified rate schedule. Coverage applies to salesperson samples while in transit or at sales visits and props, sets and materials while in transit, storage, awaiting exhibition or in exhibition. The policy also includes several coverages previously available only by endorsement:
oDifference in Conditions -- Extends insurance to shipments inadequately
insured by the party required to insure pursuant to the terms of sale;
oExport Contingency -- Protects the seller if there is a loss during
ocean transport and the buyer's insurance does not respond or the buyer
refuses to pay;
oFOB, FAS, FCA -- Extends insurance to the portion of a trip that the
insured is responsible for under international standard terms of sale;
and
oImport Duty -- Reimburses the importer for import taxes that must be
paid pursuant to the terms of sale, if the items are damaged while in
transit.
In addition, insurance for inland transit of domestic and worldwide shipments is now available as an endorsement, rather than as a separate policy.
"Chubb's ocean cargo customers wanted a policy that was broader and easier to understand, so we responded with insurance that offers protection against many of the exposures they face," Montgomery said.
The new policy and CargoPort are now available in Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, New Mexico, Nevada, Oregon, Utah, Washington and Wyoming. They will be rolled out to the rest of the United States and Canada in the summer.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,000 independent agents and brokers. Chubb's global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.
Source: Chubb Group of Insurance Companies
CONTACT: David Hilgen of Chubb Group of Insurance Companies, +1-908-903-4165, dhilgen@chubb.com
