Consider extended cover for consequential losses’

DESPITE THE generally robust nature of project cargo, it’s equally vulnerable to loss or damage and shippers who cut corners on insurance do so at their peril. “’Don’t be misled,” says Susan Bester of Prestmarine. “While project cargo largely comprises high-volume, abnormal-sized and sometimes extremely urgent cargo usually consisting of earthmoving equipment and building materials for mining plants, power stations and sites, don’t think that these cargoes are not be susceptible to loss or damage. “There are the risks of derailment and overturning of the road conveyances, dropping during loading and unloading as well as perils at sea. The consequential delays following these events could mean deadlines are missed and may result in huge fines, penalties and loss of profits.” Marine and transit policies provide cover against events of this nature. “Extended cover against consequential losses such as fines, penalties and loss of profits should also be taken into account,” says Bester, “as well as engineering risks such as erection and testing.” Prestmarine has handled the insurance of a range of projects, she added, from plants to equipment in the construction, telecommunication and hotel sectors in all parts of Africa. “Our admin department is geared to process insurance certificates, which are usually required urgently by the banks. And if something goes wrong with your cargo, we have access to a network of surveyors who are approved by underwriters internationally and are stationed all over the world.”