CARM: What all importers need to know about CARM

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Alliance formed to provide shipping safeguards

     Hanjin Container Ship

Members of THE Alliance have put safeguards in place that kick in when cargo movement is stopped because a member company is insolvent.    

THE Alliance members, Hapag-Lloyd, Yang Ming, K Line, MOL and NYK, are reacting to customer complaints about shipping interruptions, following the bankruptcy of Hanjin Shipping, which led to 100 ships, carrying about 500,000 TEUs of cargo with a value of $14 billion, being stranded around the world.

A representative of THE Alliance said the new agreement gives shippers the “safety net” they requested. 

For more information, contact Debbie McGuire, Manager – Freight Solutions.

Quick Tip #14
Don’t just insure the value of the goods

When insuring your freight, you are fully entitled to value your goods at a price above the base cost. Valuation of goods may include all freight charges, related costs, plus 10% (or more) to cover the administrative burden of processing a claim and to cover the insured’s profit. Since duty is still payable on damaged goods, make sure you insure the amount of duty as well.

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