Marine Cargo Insurance
Marine Cargo Insurance (or Marine Transit) covers your businesses products, stock and cargo whilst in transit from either overseas or locally, via either road, sea, rail or air. It can be for a single shipment or on an annual basis.
Loading and Unloading
This coverage protects your cargo during the critical loading and unloading phases of transport, when goods are particularly vulnerable to damage. It covers losses that occur as items are being moved onto or off of vessels, vehicles, or aircraft, providing protection during these high-risk handling periods that often see increased likelihood of drops, collisions, and other accidents.
Accidental Damage Whilst in Transit
This coverage addresses damage to your cargo that occurs during the transportation journey itself. It protects against a wide range of accidental damages that can occur whilst goods are being transported, including shifting of cargo, improper stowage, rough handling, and other unforeseen incidents that can result in damaged merchandise.
Fire, Collision and Overturning
This coverage specifically protects against major transport incidents including fire breaking out on the vessel or vehicle, collisions with other vehicles or objects, and overturning of transport vehicles. These catastrophic events can result in total loss of cargo, making this coverage essential for businesses shipping valuable goods.
Costs + Insurance + Freight (CIF)
This coverage option relates to a common international trade term where the seller assumes responsibility for costs, insurance, and freight until the goods reach the destination port. CIF coverage ensures that sellers meet their contractual obligations regarding insurance, protecting the goods throughout the international shipping process until they reach the agreed delivery point.
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How Marine Cargo Insurance Helps You Minimise Risks in Shipping
What types of goods can be covered by Marine Cargo Insurance?
Marine Cargo Insurance can cover virtually any type of goods being transported, including raw materials, finished products, manufacturing equipment, perishable goods, and high-value items. However, different types of cargo may require specific policy endorsements or special conditions, particularly for fragile, hazardous, or high-value items that present unique insurance risks.
Is Marine Cargo Insurance only for sea freight?
Despite its name, Marine Cargo Insurance covers goods transported by all modes of transport including sea, air, road, and rail. The term “marine” is historical, dating back to when most international cargo moved by sea, but modern policies provide comprehensive cover regardless of the transportation method used.
How does Marine Cargo Insurance differ from carrier liability?
Carrier liability is typically limited by international conventions and carrier terms, often providing inadequate compensation that may be based on weight rather than value. Marine Cargo Insurance provides comprehensive protection based on the actual value of your goods, covers a broader range of risks, and allows you to make claims directly with your insurer rather than the carrier.
Can Marine Cargo Insurance cover delays in transit?
Standard Marine Cargo Insurance generally does not cover financial losses due to delays in transit unless specifically extended to include this risk. However, some policies can be enhanced with additional coverage for consequential losses resulting from delays caused by insured perils. This extended coverage is particularly important for businesses with time-sensitive deliveries or perishable goods.
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Kirsty is tenacious and driven in both her professional and personal pursuits. She is a go-getter, consistently inspired by the entrepreneurial spirit of Elon Musk. Outside of work, she enjoys yoga, boxing and jet skiing. She placed third in the world for karate at the age of nine, and now holds a Black Belt First dan in Karate.