Marine Cargo Insurance provides cover for loss or damage to goods whilst in transit. There are many different forms of cargo insurance for all types of transportation including goods sent by land, sea, air or rail.
What is it?
Marine Cargo Insurance protects your business against the loss or damage of goods whilst in transit including loading, unloading and whilst goods are held in transit until the goods reach their final destination.
Who needs Marine Cargo Insurance?
If your business activities include the transit of goods by land, rail, air or sea then you could face a significant financial loss if the goods are lost or damaged whilst in transit. If you regularly receive or send goods then you should seriously consider an Annual Marine Cargo Insurance policy.
What is covered?
An Annual Marine Cargo Insurance policy can be designed to suit your needs. The types of transit insured can be extended to include inland transit, sea, air or rail. The type of events can also be tailored to your needs.
An insured events policy is more cost-effective, however, will limit cover to defined events such as Fire, Theft, Collision and Overturning. The cover can be extended to other defined events as required.
For more extensive all risks cover, you can elect to insure for Full Accidental Damage. This form of Marine Cargo Insurance is an all risks cover which provides comprehensive accidental loss or damage and can be extended to include consequential loss.
Marine Cargo Insurance includes door to door coverage extending to loading, unloading and whilst in storage during transit or whilst awaiting delivery to its final destination.
The basis of valuation for marine cargo insurance will be stated in the Marine Cargo policy schedule. The standard basis of valuation is CIF + 10% however it can be agreed as required with the following options:
CIF (Cost + Insurance + Freight)
CF (Cost + Freight)
Insured Value
Invoice Value
Market Value
Market Value + Freight
What’s not covered?
A Marine Insurance policy does not cover the following:
Equipment Breakdown
Wear, Tear, Corrosion and Deterioration
Incidents or claims known prior to the policy commencing
Claims arising from your digital network / data breach (see Cyber Insurance)
Claims arising from intentional acts
Your business becoming insolvent
As Insurance is a complex subject, please talk to us now for professional advice and to make sure your level of coverage is appropriate, adequate, and sufficient to your requirements.
The List of Risks or the range of insurances available is not exhaustive, if there are any particular risks that are possibly unique to your type of business and/or for any specific or special requirements, please seek our assistance and guidance.