Marine Cargo Insurance

Marketplace are trading across the border, and shipment is moving around the world every day. Businesses stand to lose financially in the event of a catastrophic event during the transit.

Marine cargo insurance is taken up to insured the losses while in transit against loss or damage arising from perils associated with the navigation of the sea or air and land.  This insurance covers cargo with FCL, LCL or Bulk cargo as well as Infrastructure projects (Project Cargo). 

Depending on the volume of shipment, commonly issued policy for marine cargo insurance are the annual cover,  open cover, and ad-hoc cover.

Marine cargo insurance

Ad hoc Cover

This form of insurance is suitable for infrequent or the occasional shipment for a specific voyage.

 

Open Cover

Suitable for client with regular cargo movements, the Open Cover is an automatic facility insuring shipments on rates, terms, cover limits and conditions pre-agreed from the inception of policy.

 

Annual Cover

All shipments are on pre-agreed limits, terms and conditions automatically insured throughout the entire policy period. The Policy is designed for business with high volume of shipments.

 

The estimated annual value of shipment is used to determine the minimum deposit premium at the commencement of cover and actual premium is then adjusted at the end of each policy period to reflect the actual value of shipments made during the period. 

Coverage Highlights

  • Annual, open and short term cargo insurance for domestic and international shipments

  • Complex, higher hazard, nonstandard and unusual cargo risk solutions

  • Fine art and valuable goods covers

  • Marine storage insurance

  • Project cargo with optional cover for consequential loss

  • Shipment insurance products for higher volume and lower value deliveries

  • Single shipment cargo insurance

  • Transport operators freight liability with cargo protection options

  • Truck cargo insurance