Shipping Terminals | Stevedores

Shipping terminals and stevedoring businesses represent our commercial gateways to the world. Billions of dollars worth of cargo flows through US terminals each year. The potential for some kind of loss arising out of a terminal is staggering and, until the recent efforts by a foriegn firm to purchase US facilities, went largely unnoticed. Port security is now regulated more closely by the US Department of Homeland Security and more legislation/regulation is in the works.

Stevedores Liability

Terminal facilities have most of the exposures of all other marine industries put together! Of course, the most obvious is the potential for loss to cargo while loading, unloading or in the care of the terminal. One has only to look at the damage wreaked by Katrina to the Gulf coast terminals to see the enormity of potential loss to cargo. Insurors of the liquid terminals hit by Katrina had the added burden of the resultant damage from pollution and the subsequent clean-up.

In addition to their legal liability for damage to ships and their cargo, the terminal has general liability exposures, automobile liability, property coverage for yard equipment, tanks, buildings and owned contents. Pollution liability is an exposure for almost all terminals - wet and dry.

At this point it is difficult to know the extent terminals will be held accountable for enforcement of port security measures, but sombody in the insurance industry will develop a product to respond. All the current coverages needed by a terminal are available through Northeastern Underwriters.