Marine Cargo Insurance
Marine Cargo Insurance is the insurance of property as it is moving from one place to another. In other words, this type of insurance provides cover for imports and exports whether by sea, air or registered parcel post. Some transits, particularly international ones might require two or more types of transport.
This type of insurance is typically requested by businesses when importing / exporting traded goods, commonly being goods and/or merchandise as well as their own equipment, common examples being office furniture, machinery, tools, exhibition materials etc.
Marine Cargo Insurance also applies to individuals who want to import or export small packages or perhaps even bigger items such as furniture etc. It is true that in most cases this insurance is taken care of by the suppliers, however this is not always the case, and the importer must ensure that his cargo is adequately insured.
Other potential interested customers for this type of insurance would be shipping and forwarding agents / carriers. They would be able to insure up to the extent of their insurance interest.
It is very important to note that Marine Cargo Insurance has to be obtained prior to the goods leaving the country of origin.