The Co-Insurance Factor

This article delves into a complex case of co-insurance involving vehicle transport from South Korea to Chile. Faced with two shipping companies sharing liability for damaged cargo, the challenge was to negotiate with both and secure full compensation. Through persistence and a strategic approach, the issue was resolved to the client’s satisfaction.

In cargo insurance, co-insurance arises when two different insurers cover the same goods. This unusual scenario demands collaboration between the insurers if a loss occurs, as both are responsible for compensating the client. In this particular case, the goods were vehicles transported by sea from Pyungtaek, South Korea, to San Antonio, Chile. The vehicles were split between two shipping companies, each responsible for a portion of the total cargo.

When damage occurred during transport, it became essential to determine whether one or both carriers were liable. The vehicles sustained damage while in the custody of both carriers, complicating the case further.

To resolve the issue, BARBUSS initiated the claim with the first shipping company, successfully reaching a satisfactory agreement. The case was closed amicably, meeting the client’s expectations. However, BARBUSS persisted with the second shipping company and, after several weeks of negotiation, managed to secure an offer covering the remaining damaged cargo.

Through persistence and strategic negotiation, BARBUSS successfully recovered compensation from both parties involved, ensuring a positive outcome for the client and demonstrating the importance of perseverance in complex co-insurance cases.

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