Insurance risks in the bulk fluids industry

Insurance For The Bulk Fluids Industry

The transporting of bulk liquids is one of the largest occupations in the world. Every day, seaports around the globe are busy with the loading and unloading of liquid cargo. Container ships will bring in the bulk liquids. From there, the product is transferred onto trailers for land delivery.

What Are Bulk Liquids?

Bulk liquids are extremely large amounts of any substance in liquid form. The name, bulk liquids, is used as a shipping term meaning to transport a large amount of liquid product from one place to another in specialized containers.

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Bulk food liquids can include juices, wines, cooking oils, perfumes and any other fluid substance. Another type of bulk liquid can be chemical in nature. Chemical liquids can be classified as non-hazardous or hazardous. Business owners and large corporations who ship liquids in bulk need to take precautions with their cargo. One of those precautions is carrying insurance in case something goes wrong. Insurance is also mandatory for shipping goods overseas.

Marine Insurance for Bulk Liquids

Shipping bulk liquids overseas requires specialised marine insurance. The international trade follows a series of guidelines called Incoterms. These guidelines clarify what the responsibilities of shipping companies are when it comes to legal transport of liquid cargo overseas.

Marine cargo insurance can provide coverage for the following:
• Damage from heavy weather, lightning and wind
• On deck fires, explosions and equipment failure
• Damage to goods under deck caused by stranding, sinking, burning or collision
• Explosion
• Collision or contact with any object other than water. This includes land, other ships, floating debris and ice
• Customs refusal
• Loss of profit from piracy or attack

All Risk Insurance Cover

International shipping of bulk liquids can be very financially risky. Maritime accidents can happen at any time with no warning. A solid insurance plan that covers all risks is the best insurance coverage for bulk liquid transport. All risk marine insurance can even extend coverage to include protection from driver delivery accident, accidental damage to goods and the replacement value of any product lost during shipment.

There are many types of accidents that can occur in this type of business. Not only is the cargo at risk, the many workers who do this type of job can also face dangers. Equipment failures, accidents and explosions are a real concern when handling hazardous bulk liquids.

The right type of insurance can cover a shipping company from start to finish. Coverage is in effect anywhere in the world. Marine insurance can provide coverage for all phases of bulk transport. From container pick up at the distribution center to unloading freight at the shipyard to delivery of the final order to the merchant, an all risk insurance plan makes the most sense.

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