The tangible benefits of the Trans Ocean Marine Cargo Transit Insurance policy A Trans Ocean Business Case Study In international trade, the responsibility to insure your cargo during the various stages of transport is clarified by the use of INCOTERMS. Global logistics is exposed to numerous risks caused by the environment, technology and people. The Problem A European client was using our logistics services but was insured by a generic company liability policy that covered their whole company (not logistics specific). They had a relatively minor traffic accident near their destination port in China. They needed assistance to check the cargo, review documentation with local authorities and ensure the safe onward journey of the cargo. They also needed a Mandarin speaker! Whilst attempting to process the claim they came across the following problems: There were delays and increased costs whilst claim information was collated and actioned over different time zones. As the policy was held in Europe all authorisations had to come directly from our client. The claim was minor but the company had a minimum excess fee payable of €5,000 Due to poor communication, further delays and costs were encountered in arranging local support in China. The European resources of our client were stretched. The Solution Whilst there is uncertainty, risk management using Trans Ocean’s Marine Cargo Transit Insurance is a structured approach to managing risk related to a particular threat, whether it is physical, financial or legal and is specifically tailored for Flexitank shipments. When insured with Trans Ocean we are able to act as if we own the cargo, ensuring prompt action and authorisations are given to minimise damage and give our customer peace of mind. Following these events our client consequently arranged MCTI through us, giving them peace of mind as well as access to the following benefits: Prompt action and communication through our global and multi lingual network. As authorisation is sanctioned by Trans Ocean personnel at the point of the problem, immediate inspection and reports can take place. Zero excess payments. Support, if required, from our regionally based Emergency Response Teams. All claims are handled and processed by our Insurance Team, ensuring the resources of our clients are not compromised. A technical review and report to see if the situation could have been avoided or the supply chain improved for future shipments. Whilst we hope that our customers do not encounter such problems, this is a practical to solution to the elements that remain beyond our direct control. Providing a tailored package specifically for end to end flexitank shipments.