As we awoke on March 26th, news of the tragedy in Baltimore reached the masses as we learned the MV Dali malfunctioned and smashed into a bridge pylon, causing a total collapse of the structure. This catastrophic incident underscores the crucial need for marine insurance to safeguard cargo from unforeseen accidents, pilferage, and financial losses.
Most importantly, the Edward J. Zarach & Associates team offers our deepest condolences to the people and families impacted by this catastrophic accident. Our thoughts and prayers are with the families and first responders who immediately mobilized to prevent further loss of life and rescue as many survivors as possible. We are one big transportation family, and our hearts are with the people of Baltimore.
The vessel involved, the 2015-built Dali, was en route to Asia, carrying Maersk customers’ cargo when the collision occurred. Marine cargo insurers have warned of inevitable delays and significant cargo loss due to the incident, emphasizing the necessity of comprehensive insurance coverage.
This unfortunate event serves as a sobering reminder of the unpredictable nature of maritime transport and the potential risks involved. As Baltimore grapples with the aftermath and cargo operations face disruption, it becomes evident that proactive risk management, including appropriate insurance solutions, is imperative for ocean cargo operations.
In a world where maritime accidents can occur unexpectedly, investing in comprehensive marine insurance is not just prudent—it’s essential. As the investigation unfolds and the industry grapples with the repercussions, one thing remains clear: safeguarding cargo with marine insurance is paramount for protecting assets, mitigating risks, and ensuring peace of mind in an ever-changing maritime landscape.
As seen with the tragic Baltimore incident, these situations can arise out of nowhere. While most carriers will offer some form of coverage, the amounts covered are so minimal that you are basically moving your cargo uninsured.
Securing marine cargo insurance will not only cover your cost of goods but also your freight cost as well, in the event of a partial or total loss.
In today’s logistics environment, with transportation being affected by worldly affairs, many issues have arisen, such as congestion, pilferage, transport delays, rolled bookings, etc., and cargo is sitting in place longer than it has traditionally done in years past. Several issues can immediately impact your awaiting cargo. Issues from natural disasters (i.e., earthquakes, hurricanes, tornados, etc.), or as seen with ocean containers moving to the ports via the rail and toppling over due to accidents en route. The need for marine cargo insurance is greater today than it has ever been.
Whether moving goods via import or export services, in the U.S., it is vital for importers and exporters to cover their products to ensure that in the event of a loss, whether partial or total, they are completely covered and have peace of mind guarantee. For more information or to check on your marine cargo insurance needs, contact David Balcer, Director of Export Compliance at Zarach.