Marine Insurance

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

Kef has more than 40 years of experience with the same US-based marine insurance company;   it provides fair, responsible coverage for your shipment.  We are happy to be of help with communications and explanations at any stage.  Using our simple guidelines, you will define your own insurance coverage for your shipment,  one of many factors that will give you peace of mind throughout your move with Kef.

Marine insurance is for replacement value in similar condition at destination.

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

Lump Sum

Easiest, most comprehensive, and lowest rate.   No need to list and evaluate everything in your shipment, only goods you pack yourself and items or sets valued above $3000. Click here to view estimated coverage and cost and to add high value and self-packed items.

The amount you pay for Lumpsum insurance goes up or down precisely in relationship to the weight.

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

**Lumpsum policies are not all the same.   Some insure at $8/lb. (instead of $12),  covers unlisted items up to $1,500 (instead of $3,000), and costs the same as the inventory policy (instead of discounted by 25%).    Since, for most shipments, half the value is in goods between $1500-3000,  their clients will pay twice at–a much higher rate– and be required to completely list and accurately value a significant portion of their shipment

Comprehensive Valued Inventory (CVI)

List and value (replacement at destination in similar condition) everything in your shipment.  Goods that are not listed are not insured.     The value you assign is the maximum claimable value.   CVI is the most labor-intensive policy at a  33% higher cost-per-value than the cost-per- value of Lump Sum.      ­­­­­­The insurance company can adjust claims according to the accuracy of the valuations of the entire shipment and of claimed items.  If you group items under one value, each item is insured for the same value.    (eg. 100 books at $5,000 =$100/item)

Click here to list your goods, choose your deductible, and estimate the cost of your CVI marine insurance.

Important for both CVI and Lumpsum

An example of the possible consequences of inaccurate valuation:   You insure the overall shipment or claimed items for 50% of true replacement value at destination– the marine insurance company can reduce the claim for the cost to repair or replace the goods, by the same factor.

PBO–self-packed boxes

Leave goods unsealed, and have them inspected, repacked as necessary, and sealed by packers in order to avoid having them labelled PBO and have them insured for all risk. 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.

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

$1.10/cubic foot or $110, the greater. example: 1000 cubic feet x $1.10 = $1,100 at 3%, that will insure you for $30,000

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.
5. artwork above $10,000

Marine Insurance in Storage

Extensions: You are covered for a combined total of 60 days storage at the shipper’s warehouse at origin and at an approved warehouse at destination. To extend, you must give notice and pay for the extension before the expiry date.  The cost of the extension after those 60 days is 0.35% per month or part thereof.

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.    You must let us know immediately, if any items are missing.

Claims process:   The basic process of making a claim is getting repair/replacement estimates.   Whenever you get a repair estimate that it include a replacement estimate as well. 

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 online 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 in full for your marine insurance.

Arranging your own delivery or having goods delivered to a warehouse not in our control:   Your marine insurance will end when either:

a) 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.

and or b) you deliver to a warehouse not in our control.

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.  You must let us know immediately, if any items are missing.

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.

Transit Insurance Terms and Conditions

Following are informational, not conclusive or complete.   Here is a Link to the original document.

Sets: If only one or two items of the set were damaged, and it is impossible to replace those single items, it’s possible–depending on your policy–that your set will be covered as a whole.    Here are some sites that specialize in finding replacement dishware for hard-to-find or discontinued patterns.     www.replacements.com, http://www.chinafinders.com, http://www.classicreplacements.com, http://www.robbinsnest.com, http://www.etsy.com

Some Exclusions