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Maritime insurance, used car Insurance-Export cars |
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Background:
Traditionally, IBC Japan has never insured the used cars it has shipped. IBC Japan has been shipping used cars since 1987, over 10,000 vehicles every year. During this period, IBC Japan has never lost one vehicle at sea, until November 2002:
- The Hual Europe, a freighter carrying almost 4,000 used cars worth over $80 million, ran aground in Tokyo Bay and then caught fire on November 26, 2002.
- Not long after, in December 14 of the same year, the Tricolor, a Norwegian car carrier sank in the English Channel after colliding with a container ship. Its cargo of BMWs , Saabs , and Volvos is estimated at around £70 million.
- Two years later, on May 23, 2004, the car carrier MV Hyundai No 105 sank outside Singapore after colliding with an oil tanker. The MV Hyundai No 105 was carrying 4,190 South Korean and Japanese cars worth over $81 million.
IBC Japan has lost over 450 vehicles amounting to $1.5 million in these vessels.
IBC has decided that it is in everyone's best interest to insure all vehicles leaving Japan .
Insurance will be included in the price of the vehicles sold, and IBC has negotiated an excellent insurance rate. This means you will not notice any increase in your fee structure or the purchase price of the vehicles .
Nature of insurance:
The marine cargo insurance IBC Japan has in place is a broad policy designed to cover:
• Damage - major damage to vehicles while in transit to the customer including, the sinking of a vessel carrying the vehicles
• “General average” - a shipping term which means that all cargo owners are required to pay their share of costs should a vessel be stranded or run aground. These general average claims can run into tens of millions of dollars.
Note that:
- In some cases the third party may be responsible for the damage - the ship operator or the stevedore. In these cases, IBC will work with the customer to recover losses from those parties.
- The insurance applies until the unit is delivered to the storage location in the destination port. The responsibility of the vehicle after that point lies with the customer and the person to whom the vehicle has been delivered.
- The policy has a USD franchise value, which means that the claims have to be over $500 USD for the insurance to apply.
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