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.
Please fill in the following form to make a
Marine Cargo Claim:
Please fill in the following form to ask for a
Marine Cargo Quote:
Frequently Asked Questions
Why do I need to buy separate insurance if the transit carrier provides Insurance?
Having your own insurance means it can be tailor-made to meet your specific needs, en-suring the required limits and coverage. It may also be a less expensive alternative to the insurance coverage provided by the transit carrier.
What is an ‘Open’ Marine Cargo Policy?
An ‘Open’ marine cargo policy would typically cover all transits that come within the scope of the insurance. The main advantage with this type of policy is that you would not need to report each and every shipment individually to the relative Insurer, but would typically be asked to declare shipments in bulk for a set period.
What is General Average?
The law of ‘general average’ is a legal principle of maritime law according to which all par-ties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency (for instance, when the crew throws some cargo overboard to lighten the ship in a storm). It would be possible to cover these losses under your Marine Cargo Insurance Policy.
What is a ‘free of particular average’ (FPA) policy (‘C’ Clauses)?
This is typically the most restrictive type of cargo insurance available. This type of policy co-vers goods against total loss by marine perils. Partial losses are recoverable only in certain cases.
What is a ‘with average’ policy (‘B’ Clauses)?
This policy offers a wider coverage than a ‘free of particular average’ (FPA) policy as it co-vers partial losses caused by perils of the sea, if they reach a certain percentage of the total insured value, also referred to as a ‘franchise’.
What is an ‘all risks’ policy (‘A’ Clauses)?
An all risks policy typically covers all transportation risks, with some exceptions such as loss of market, delays, war, strikes, riots and civil commotions – some or all of these risks might also be specifically included in your cover.
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