Marine Cargo Insurance
What Is Marine Cargo Insurance?
Transporting goods both nationally and internationally has become an increasingly complex industry over the last few decades. If your business imports, distributes or exports finished products or component then marine cargo insurance is essential to protect from the most common claims and minimise risk.
Policies can be tailored to your commercial operation, and will often protect for the transport of goods via road, rail, sea or air. Depending on your needs cover can be created for moveable inventory including raw materials and partially completed products.
“So we can give the right advice on risk and insurance coverage, we will work with you to obtain a full understanding of your business.”
Why do I Need Marine Cargo Insurance?
Often companies can be left with shortfalls when it comes to cover for transport. Miscommunication, or a lack of communication altogether, means suppliers, customers and freight forwarders frequently assume cover has been arranged by the other party. It’s also a common misconception that your products are covered automatically when in transport, in fact, liabilities held with transportation companies are often limiting.
When damage or loss of goods does occur this could leave your business facing the related legal and financial costs involved. That’s why the correct level of marine cargo insurance cover is essential, it not only provides you with the peace of mind that your goods are protected but also helps cover shortfalls in the event of damage or loss.
Cover is available on an All Risks Worldwide basis, including while in temporary storage in third party warehouses. Terrorism cover is provided during transit, war risks are only covered during sea or air carriage.
What Businesses May Need Marine Cargo Insurance?
Often a business had not taken out a marine cargo policy because there was an assumption that either cover was not needed or was already provided. Commonly when we consult with clients we find these are the types of businesses that require marine cargo insurance:
Is Stock Throughput Cover More Applicable For You?
Moving stock on a frequent basis comes with the possibility of losses occurring. This could be while in your own warehouse, being stored for processing or repackaging and whilst moving the stock from the warehouse to a delivery van.
Typically stock is insured on a standard Commercial Combined policy coupled with a Goods in Transit policy for distribution to your customers and a Marine Cargo policy for imports and exports.
However an alternative is a Stock Throughput policy this can include coverage for inland and/or international transits plus stock — including raw materials, work in progress, as well as finished goods, all under one policy.
In addition a stock throughput policy can provide
- Seamless coverage for your exposures
- Potentially lower overall premium spend
- Simplification of the claims settlement process and reduced administration
If you’re unsure what form of cover will be most appropriate for your business then please get in touch today and our team will be happy to help.
Find The Right Marine Cargo Insurance For You
With our brokers, you can be confident in the fact that your claim will be dealt with in a respectful and efficient manner by our specialist team.
For more information on our marine cargo insurance, simply contact the team. Alternatively, you can request a call back. Our team will be more than happy to discuss your policy needs and answer any questions you may have.