Details about the program are available on the Maersk website here.
However, Maersk says "Value Protect does not cover loss, damage, and expense caused or occasioned by "a number of factors." These include war, strikes and other sorts of labor unrest and "any other cause arising without the actual fault or privity of the Carrier, or without the fault or neglect of the agents or servants of the Carrier, but the burden of proof shall be on the person claiming the benefit of this exception to show that neither the actual fault or privity of the Carrier nor the fault or neglect of the agents or servants of the Carrier contributed to the loss or damage."
Value Protect may be purchased for commodities shipped in dry containers as well as for selected commodities shipped in reefer containers. Shippers can buy protection in amounts of $15,000, $30,000, $60,000 or $120,000 for dry freight and $12,000 or $36,000 for reefer cargo. However, Maersk does not offer the product for many types of fruit and seafood.
Von Spalding said if a customer arranges "pre-carriage and on-carriage with Maersk, then Value Protect will also apply to that part of the transport."
Klaus Rud Sejling, head of logistics and services at Maersk, said, “International conventions limit carriers’ liability and set potential pay-out limits. By purchasing Value Protect, our customers will have peace of mind so that even if an unpredictable event should happen, they can rest assured knowing their business is protected.”
Another major container carrier, CMA CGM, introduced a product called Cargo Value Serenity that it said would allow for “quick compensation for businesses whose goods have been damaged or lost during transport for any reason, including natural disasters. It provides for a refund up to 100 percent of the value of the goods in less than 30 days.”
Maersk said “roughly 30 percent of the cargo that moves on the ocean is uninsured. For some cargo owners, it can be quite complicated, time consuming and expensive to apply and contract for all shipments.”
Maia Parlagashvili, global insurance product manager at Maersk, said, “We want to offer our customers smart end-to-end solutions, simplifying their supply chains. When we asked them about their insurance experiences, many told us they would like to have more simple solutions to cover their logistics risk. Value Protect is our answer to this.”