Do You Need Cargo Insurance? Shipping Accidents Increase in Past 18 Months

Last week a cargo ship carrying thousands of Porches, Audis, and Lamborghinis caught fire in the Atlantic Ocean.¹ In December, a container ship crashed into a wharf at Taichung Port and sustained serious damage.² In October, a fire started on a cargo ship off the coast of Vancouver Island.³ Statistics show that ship accidents have increased over the past 18 months. This may be a coincidence. Or it could be the result of the urgency that ship operators feel when trying to maintain schedules in a time of increased congestion and backlogs.

The bottom line is that this may be the time for you to consider cargo insurance to protect your business from the risk of cargo damage or loss. Contact sales@canaangroup.ca for advice on cargo insurance.

Sources:
1. Buyers of Volkswagen’s luxury cars despair on social media as the ship carrying their orders catches fire in the Atlantic, Fortune, Feb 17, 2022. Accessed Feb 21, 2022.
2. Container ship damaged after crashing into wharf at Port of Taichung, Taiwan English News, Dec 26, 2021. Accessed Feb 21, 2022.
3. Container ship fire off British Columbia smoldering, no longer spreading, Reuters, Oct 24, 2021. Accessed Feb 21, 2022.