Case Background

In December 2018, about $8.6 million worth of unwrought cobalt in barrels were loaded into nine 20-foot containers from Tianjin New Harbor to Baltimore, Maryland, USA.
On February 14th, 2019, when the Insured went to the Seagirt wharf at the Port of Baltimore to pick up goods, he discovered that one of the containers was severely deformed and damaged, containing 76 barrels of unwrought cobalt valued at approximately $1 million.

Case Background

Inspection Situation

Since there was no feedback after the inspection of the agent appointed by the policy, our company was entrusted by the insurer to deal with the case on June 26th, 2019. Site inspection confirmed that all 76 barrels of unwrought cobalt were mixed with contamination, broken to varying degrees and began to oxidize and discolor. After weighing, we found that the weight had increased compared with that before shipping.
After contacting with the Seagirt wharf at the Port of Baltimore, we were informed that containers with loss occurred had been severely damaged before unloading, and we collected relevant photographic evidence. Therefore, we could confirm that the cargo damage occurred in the course of sea transportation, and it was highly likely that the lifting accident occurred in the transshipment process.

Inspection Situation

Solution

Due to the special use of unwrought cobalt, the purity of cobalt should not be less than 99.95%; Besides, the 76 barrels of unwrought cobalt with loss occurred involved 6 production batches, which were indistinguishable after mixing; In addition, those barrels were contaminated by other impurities after the leakage. The insured claims for total loss and required the insurer to pay the value of the goods, repackaging costs, and economic losses within 6 months.
After testing the metal content of the unwrought cobalt, we found a number of local buyers. obtained the highest offer of $500,000 after bidding, and successfully helped the insured to facilitate the transaction locally.
The whole case was successfully solved within 3 months, and we obtained strong evidence for the insurer to pursue of recovery from the shipper later.

整个案件在3个月内得到圆满解决,并为保险人后续向船方追偿获取到了有力证据。

Solution

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