Marine Insurance

Kef provides you with the best marine insurance that you can find.  

Marine insurance companies are known to be very difficult to deal with in the event of a claim, but this is not so with Kef.

Kef has more than 40 years of experience with the same US-based marine insurance company, and we offer fair, responsible coverage for your shipment.

Using our simple guidelines, you will define your own insurance coverage for your shipment.  

One of many factors which will give you peace of mind throughout your move with Kef.

 

Marine insurance is always for replacement value in similar condition at destination.  See below for a list of suggested multiples to get from value at origin to value in Israel.

 

The 2 ways to get all-risk (damage and loss) shipping insurance.   

  1. Easiest and most comprehensive:  Lump Sum at $12/lb.  and  the rate is  25% less expensive than the alternative.   No need to list and evaluate everything in your shipment, only goods you pack yourself and items (or groups of items) valued above $3000.

Example:     800 cubic feet x 6.5 lbs./cubic foot x $12.00/lb = $62,400 insured value

2.  List and value (replacement at destination in similar condition) everything in your shipment.   If it is not on the list, it is not insured.  The value you assign is the maximum claimable value.

 

Timing

Insurance related decisions, lists, and documents are due 2 weeks before pickup.

 

Default  

If by pickup time, you have not given us (or told us that you would give us) a valued inventory, we will insure you for Lump Sum at an optimal deductible–$500 for more than $30,000, $150 for less.     If you specifically decline all-risk before pickup, we will insure you for Total loss of the shipment (no damage or partial loss) whether or not you have insured elsewhere.  We strongly suggest that you apply the money which would be used for Total Loss to cover a partial valued inventory.

 

Minimum premium, if not using Lump Sum

$0.45/cubic foot     example:  1000 cubic feet x $0.45 = $450     at 3%, that will insure you for $15,000

Make a list of goods in your shipment totaling that amount.

 

Coverage:  From packing to delivery, sold as a percentage of insured value (i.e.  3.0% = $30 per $1000 of insurance).

Condition of goods: Take pictures; make sure packer records condition on packing list.

Previously packed goods: If goods were recently packed by professionals, present invoice of packing to Kef before pickup. Otherwise UNSEAL boxes; make sure packers inspect and repack as necessary. There are costs to unpack in order to repack.

Lists:  You are insured only when the final list is received, approved, and paid for, and you are responsible for the accuracy and completeness of your lists.

Crating: The following must be crated to be insured:

  1. Goods which packers recommend crating
  2. porous  items (i.e. marble, glass, granite), unless packers are confident of alternative packing
  3.  pianos insured for more than $5,000
  4.  instruments not in hard cases.

 

Marine Insurance in Storage

Extensions: You are covered for 60 days at the shipper’s warehouse at origin and 60 days at an approved warehouse at destination. To extend either, you must give notice and pay for the extension before the expiry date.

Storage which is not in the port: If goods go to self-storage with key and access, your marine insurance ends, and it is worthwhile purchasing insurance from the warehouse. If goods remain in the port, go to commercial storage or self-storage with no key or access, marine insurance can be extended, and there is no need to buy insurance from the warehouse.   If you have a key and/or access to your goods, your marine insurance ends

Access to goods not stored in the port:   When your goods are in storage that is not within the port, you are not permitted to communicate directly with the warehouse agent or to have access to your goods, except with specific prior arrangement with Kef and the agent as to the time, date, and purpose of the access.  The agent must guarantee a)  that you will not have access to your goods, unless accompanied by the agent and b) that  any/all additions, inspections, or removals will be recorded and signed for by you and the agent.   Otherwise, your marine insurance coverage ends and cannot be renewed without a full inspection and re-inventory of all the goods in the shipment.

Location of warehouses, whether within or without the port:   Stored goods, as goods in transit, may well be moved between warehouses without notice.

 

Making Claims

Signing the release: If the container seal is broken or any box or crate is open when you first see it, or if there is any other sign of damage, record it on the delivery receipt. If the trucker does not have a receipt, create one and keep a copy. Be as detailed as possible.  Check the pieces arriving against the packing list or cube sheet and record the results of your check on the delivery receipt.    You MUST make a count of items as they come off the truck–noting shortages.  Otherwise it will not be possible to claim missing items;   use the bingo sheet, whenever possible.

Claims process:  If goods are damaged or missing, photograph the evidence – packing materials and broken items/glass. In the case of claims above $10,000, save evidence until the surveyor comes.   You have 45 days to register a claim and another 90 days to submit all supporting documents. To begin the claims process, notify Kef and the insurance provider online. There is no survey for damages under $10,000;  repair/replacement estimates are sufficient.  If likely damage exceeds $10,000, the insurance company will hire a surveyor.

Goods are uninsured: If they are not on your list (unless you insure lump sum), or you do not pay for insurance.

Arranging your own delivery:   Your marine insurance will end when your truckers take possession of the goods, unless the truck and movers are insured for at least as much as your marine insurance policy.   Your truckers must issue and you sign a delivery receipt listing the number of packages received and any damages or missing goods.    You MUST make a count of items as they come off the truck–noting shortages.  Otherwise it will not be possible to claim missing items;   use the bingo sheet, whenever possible.

Underinsuring: If you insure for values below replacement value at destination, claims will be proportionally underpaid, either based on the percentage of under-valuing of the total shipment or on the under-valuing of the items for which claims were filed–the greater of the two.

1.   Personal papers: Can be valued by the box. Insurance will cover the entire box if it gets lost or the boat sinks.

2.   PBO (boxes packed by owner) are covered for loss and theft only, up to $300/box, if you submit a valued list of contents before pickup.   If your entire shipment is self packed and you do not supply such lists before pickup, you will be required to insure for total (catastrophic) loss only.

3.   Be sure to list accurate quantities of similar items.

4.    Insure items in groups only if they are of equal value.  Use accurate quantities.

 

Recommended multiples from USA to Israel replacement value.  Feel free to change them, if you know better. :0)

ritual objects 1
books—Kodesh 1
small appliances + microwave 1.5
European appliances 1.5
computers and peripherals 1.5
art objects, collections, collectibles 1.5
sports equipment: bikes, etc 2
musical instruments 2
books and paper items 2
furniture: indoor, outdoor, office 2.25
kitchen items: dishes, flatware, china, miscellaneous 2.25
linens 2.25
carpets and rugs 2.25
clothes 2.25
major US appliances 2.75

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Final authority with marine insurance rests with the policy and the endorsement. 

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