Warren, N.J. - With businesses of all sizes looking to buy and sell overseas, the Chubb Group of Insurance Cos., Warren, N.J., released an ocean cargo policy and launched CargoPort, an online system that enables customers to view their policies, submit claims and monitor shipping activities.
CargoPort, which is available through @chubb, Chubb's secure Internet site for agents, brokers and
customers, generates cargo insurance certificates and management reports. It also offers automated reporting of shipment and storage declarations, electronic submission of first notices of loss, automated vessel verification and OFAC searches, and online review and printing of invoice details.
Chubb's new ocean cargo insurance policy includes a summary declarations page and simplified rate schedule. Coverage applies to salesperson samples in transit or at sales visits. It also applies to props, sets and materials in transit, storage, awaiting exhibition or on exhibition.
The new policy and CargoPort are available in Alaska, Arizona,California, Colorado, Hawaii, Idaho, Montana, New Mexico, Nevada, Oregon, Utah, Washington and Wyoming. They will be rolled out to the rest of the United States and Canada in the summer.
Chubb officials says they expect shipping to continue to grow. Annual U.S. international trade is
approaching $2 trillion, and the U.S. Chamber of Commerce predicts that figure will double by 2020,
says Terry Montgomery, vice president at Chubb & Son and ocean marine manager at Chubb Commercial Insurance.
“That's why we created a new ocean cargo policy and online portal to help businesses manage their cargo shipments around the?clock and around the world,” Montgomery says.
Source: the Chubb Group of Insurance Cos.
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