What shippers need to know about the port strike and cargo insurance
Importers may be out of luck if they try to make insurance claims for goods delayed or damaged during the strike by union dockworkers at U.S. ports.
The International Longshoremen’s Association walked off the job at midnight Tuesday at ports throughout the East and Gulf coasts after failing to come to an agreement on a new contract with terminal operators and ocean lines represented by the United States Maritime Alliance.
The job action shuts down container and vehicle imports just as the holiday retail selling season gets underway. Among other goods, it halts shipments of vital medicines, clothing, and fresh fruits and vegetables coming in from foreign markets. Any containers left at ports will remain there for the duration of the strike.
“Most cargo policies do not include coverage for delay,” said Jeffery Kaufmann, executive vice president and head of marine business for insurer MSIG USA, in an email interview.
What shippers need to know about the port strike and cargo insurance
