IMPORTANT NEWSFLASH RELATIVE TO CARGO INSURANCE
Dear Valued Client
Please note the import considerations regarding Marine Insurance, especially as it relates to CIF shipments. Please see attached letter from Prestmarine in this regard.
Most CIF insurance contracts terminate at POD and so the risks post arrival at port to door are usually not covered by the CIF insurance contracts. We have established that many customers do not understand this and assume they are covered to door. Customers that do understand this either accept the risk or have their own policies that cover this domestic movement. You will see in the attached communication that Prestmarine have developed a new solution to cover this insurance gap and it is now possible to offer a “CIF extension” on SCT’s insurance policy (at reduced premiums to traditional EXW or FCA/FOB door to door policies).
SCT has been asked by Prestmarine to confirm which customers, that currently insure with SCT require “CIF extension” clauses added to their policy documentation, and which only need the traditional door to door policies for EXW, FCA , FOB, CFR, or CPT shipments. At the same time, we are being requested to update all Prestmarine contracts as there are changes to their underwriters (not premiums or cover conditions) so all SCT insurance customers will get a new policy from them shortly to sign. In order to ensure clarity on this important facet of trade and to ensure that insurance cover and responsible parties for insurance are clearly understood, we would be exceptionally grateful if you could urgently complete the very simple online form (even if self-insured), through the below link so that we can action accordingly through Prestmarine and obviously revert to you with confirmation of cover that is in place.
Go to Survey: https://www.surveymonkey.com/r/QB9S6QQ
If there is any uncertainty on insurance cover you have for your cargo please do not hesitate to contact Gary Knight (gary.knight@sctsolutions.co.za or 031 8180320) so we can discuss in detail and involve Prestmarine where necessary for advice.