Maersk introduces liability solution Value Protect for customers

March 2, 2019: Maersk is introducing Value Protect, an extended liability solution that offers customers an alternative to cargo insurance, increasing their chance of receiving full compensation in case of cargo damage in transit.

Valid while the cargo is in the care and custody of Maersk, Value Protect covers cargo loss or damage in cases such as fire, accidents due to danger of the sea, theft, natural disasters, cyber incidents, cargo damages caused by delay and contributions in General Average all of which would be excluded under the conventional terms for carriage.

“We are very pleased to introduce this new solution to our customers. We take care of every container we transport. Yet, some events might be outside of our control, such as extreme weather or perils of the sea that may result in cargo loss or damage,” said Klaus Rud Sejling, Head of Logistics and Services at Maersk.

Marine cargo insurance protects cargo owners from the known risk of transports; however, roughly 30 percent of the cargo that moves on the ocean is uninsured.

“We want to offer our customers smart end-to-end solutions, simplifying their supply chains. When we asked them about their insurance experiences many told us they would like to have more simple solutions to cover their logistics risk. Value Protect is our answer to this,” said Maia Parlagashvili, global insurance product manager at Maersk.

Value Protect can be purchased for commodities shipped in dry containers as well as for selected commodities shipped in Reefer containers. The solution is available in India along with several countries across the globe. It will be gradually rolled out worldwide over the coming six months.