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Hapag-Lloyd Launches Digital Cargo Insurance Platform

Hapag-Lloyd Launches Digital Cargo Insurance Platform

Hapag-Lloyd, the fifth-largest container line in the world, has launched a new online cargo insurance to provide international shippers with a tailor-made solution around the clock to cover goods in the event that they become lost or damaged.

The new marine insurance policy, named ‘Quick Cargo Insurance’, aims to be simple and not expensive.

The cargo shipping insurance was developed by Hapag-Lloyd in co-operation with the German cargo insurance company Chubb.

According to a statement, the marine insurance cover will take effect upon conclusion of the contract.

The insurance will cover goods in the event that they become lost or damaged as a result of an insured risk during the term of the policy.

Hapag-Lloyd Kickoff New Online Cargo Insurance
Infographic of the new Quick Cargo Insurance

Insurance for goods in Hapag-Lloyd’s possession applies during the insured journeys and any interim storage during transit.

Ralf Belusa, Managing Director Digital Business & Transformation at Hapag-Lloyd, said that not all the cargo shipped by sea is insured for cost reasons.

Belusa belives that the ‘Quick Cargo Insurance’ will demonstrate that insurance “does not have to be complicated and expensive.”

The marine insurance agency deemed its digital solution user-friendly, “With just a few clicks, the customer can select and take out his insurance benefits.

“All contract documents are available immediately, so the load can be insured quickly and unbureaucratically,” said Belusa.

The new cargo insurance is now available for exports from France, Germany, and the Netherlands.

Hapag-Lloyd is now planning to expand to other countries.

Hapag-Lloyd is one of the world’s largest liner shipping companies. It has a cargo fleet of 237 modern container vessels offering a total transport capacity of 1.7 million TEUs.

According to a statement, the German cargo insurer Chubb is the world’s largest publicly traded casualty insurance company. It operates in 54 countries offering property and casualty insurance.

Cargo insurance policy

The marine insurance cover exists for all risks to which the goods are exposed during the insured journey and exists to shipments under Hapag-Lloyd´s custody.

The insurance will cover up to USD $550,000 limit cover.

The cargo insurance coverage includes storage during and related to the transit up to 60 days.

Also, both pre-voyage and return goods are covered under the same conditions under Hapag-Lloyd´s custody.

There is much talk about the potential benefits of blockchain technology for the supply chain industry and many efforts are underway to demonstrate blockchain’s capabilities.

Early applications of this distributed ledger technology suggest that blockchain has the potential to generate new business models and associated values.

Currently, blockchain solutions in the supply chain are being developed independent of each other to address a wide range of applications: from trade financing to marine insurance, to establishing provenance and document sharing.

A question thus emerges: how do we ensure all these systems speak to each other?