General Average is the concept that cargo owners will share the losses of a few to save the many. In the event that cargo is intentionally jettisoned or dumped in order to save the vessel, lives and remaining cargo from otherwise certain loss, the cargo owners whose freight was dumped are reimbursed by the cargo owners whose freight remained intact. For those cargo owners who did not lose freight, often times the cargo will not be released until their “share” is settled, which could be tens of thousands of dollars. Maintaining an All-Risk cargo insurance policy will allow your firm’s cargo to be released right away. Transmodal representatives are standing by to answer any questions.
While obtaining cargo insurance is not a requirement, it will mitigate your company against damage, total loss, theft, and General Average. We can offer a variety of flexible insurance policies on a per-shipment basis, or structure a policy to cover your annual shipping needs across all modes of transportation. If you are looking for a low or no deductible policy, Transmodal can cater your All-Risk policy to suit your needs. And, with programs backed by industry leaders like Lloyd’s, AIG and Cigna, you can rest assured your firm will be secured by the most trusted providers in the business.