Marine Cargo Insurance provides protection against all risks of physical loss or damage to freight from any external cause during shipping, whether by land, sea or air, Subject to certain exclusions, and pay claims regardless of which carrier is ultimately responsible for the loss or damage.
Who can insure marine cargo?
In simple terms a person who has an insurable interest in something when loss or damage to it would cause that person to suffer a financial loss or certain other kinds of losses?
Policies normally considered
Annual Contract - Monthly Declarations
Declarations of shipments/movements, are made on a monthly basis, or as otherwise agreed. Once arranged, you are guaranteed protection on the agreed basis for all shipments falling within the policy's provisions, subject to full shipping details of each despatch having been included on the relevant monthly declaration. The premium is debited monthly, or as otherwise agreed.
Annual Contract - Turnover Basis
Calculated against your estimation of the total value of the goods to be shipped, including uplift, during the agreed period, normally 12 months. This is subject to an agreed minimum premium payable up front and adjustable annually, or as agreed. Monthly declarations are not required.
Facultative Policy "one off" cover
This policy is available for the occasional single shipment and is often used for letter of credit requirements. An insurance certificate is issued together with the applicable additional insurance clauses.
Combined stock and transit risks