Hanjin Bankruptcy - Your Insurance Options

Written by Erin Talbott 1 minute read

Hanjin Bankruptcy Insurance

The recent bankruptcy of Korean shipping line Hanjin has left thousands of containers stranded, with many cargo owners asking “what will my cargo insurance pay for?”

A typical cargo insurance policy provides “all risk” coverage against physical loss or damage suffered by goods in transit; coverage for delay is specifically excluded. At first glance, it appears there is no coverage for this unprecedented bankruptcy.

There are, however, a few exceptions which do not require physical loss or damage to trigger coverage. To determine if you may have coverage for fees associated with the bankruptcy of a carrier, one policy section to examine is the “Landing, Warehousing, & Forwarding Charges” clause, sometimes referred to as “Landing, Warehousing” (individual insurers may refer to these slightly differently).

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For more information, please visit ECIB's website


Blog was originally posted on September 20, 2016 11 AM

Topics: Insurance, Hanjin Bankruptcy

Erin Talbott

Written by Erin Talbott

1 minute read