Earlier this year, the Yantian Express caught fire and subsequently served as a landmark case to have all cargo interests insured as a compulsory protection measure.
On January 3rd this year, the Yantian Express suffered a serious fire mid-Atlantic, and declared ‘General Average’ which meant that cargo would not be released until General Average and Salvage Security has been received from all cargo owners.
Additionally, any fees resulting from the missing security will be for the account of the cargo interest, which added further to the costs they had to pay to obtain their containers.
Carriers and other supply chain participants will typically have liability limited by law, which means that any compensation is likely to be considerably lower than your actual loss. A correctly insured customer will be compensated for the full replacement value of their goods.