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CMA CGM to offer new insurance for cargo damage and loss

CMA CGM Group is offering a new range of cargo insurance products for customers, including a provision to provide quick compensation for companies whose goods have been damaged or lost during transit for any reason, including natural disasters.

The compensation product, named "Cargo Value Serenity", will provide a refund of up to 100 per cent of the value of the goods in less than 30 days and is the first in a new portfolio of offerings branded as "Serenity by CMA CGM", reported American Shipper.

"With 'Serenity by CMA CGM', the group is starting a new concept: the commitment to compensate for any kind of unforeseen events," the French shipping line said in a statement. "'Serenity by CMA CGM' allows businesses shipping their goods with CMA CGM to be more efficiently protected through a range of value-added products."

The new range of products, which is effectively an insurance bundle, is intended to relieve customers "of all the administrative and procedural complexities in case of unforeseen damage to their cargo," CMA CGM said.

The carrier said that the "Serenity by CMA CGM' portfolio will be expanded in the coming weeks and that it will offer a product to cover costs in the event of damage to a container during handling as well as another product to compensate shippers in cases of payment default by their own customers.

"By launching 'Serenity by CMA CGM', a unique set of products in the maritime transport market, CMA CGM completes its offering to customers for a more effective transport that meets their needs and expectations," vice president Elie Zeenny said in a statement.