The insurance broker ATS Assekuranzmakler, member of the Bremen Cotton Exchange, draws attention to consequences and duties under corporate insurance policies caused by the present corona crisis.
As Covid-19 may lead to delays of transports and to extended storage periods please note that in most marine cargo insurance policies an insured storage period of max. 30 or 60 days per storage is agreed. Furthermore, these open policies include a maximum compensation (limit) per fire-separated storage location which may vary from client to client and warehouse to warehouse.
In case of an exceeding of those timely and/or monetary limits Uwrs have to be notified immediately and confirm coverage. Subsequently, it is advisory for every assured to check where and since when which insured cargo (value) has been stored.
Similar obligations may apply for other business sectors, too. For example in case of an increased work decentralisation or temporary closure of plants or offices, insurers should be notified to safeguard the insurance coverage.
In case of doubt please contact your daily insurance partner.
Source: ATS Assekuranzmakler