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Marine Cargo & Transit

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Perhaps the oldest form of insurance… Marine Cargo & Transit Insurance

Marine cargo insurance may not be something that all businesses need but if you are sending or receiving stock and goods it is imperative that the goods be insured. The loss of goods being shipped can be frustrating at best.

What is Marine Cargo & Transit Insurance?

Marine cargo insurance is perhaps the oldest form of insurance with the first policies being issued more than 400 years ago from Lloyds Coffee House in London; now known as the most famous of all insurance companies Lloyds of London.

 

As the first policies were issued on marine cargo risks, the laws which affect transit between territories, jurisdictions and over the seas were based on marine terms. Even though cargo is now shipped around the world by a variety of methods including by Air, Sea, Road and Rail the term Marine Cargo is still the main term used in cargo insurance wordings thus, most of the following information will be cast in the term Marine Cargo Insurance.

How does it work?

Marine cargo insurance may not be something that all businesses need but if you are sending or receiving stock and goods it is imperative that the goods be insured. The loss of goods being shipped can be frustrating at best. Marine cargo insurance covers physical damage to, or loss of, your goods whilst in transit by most recognised methods of transit such as by Sea, Air or Land (road and rail, or combinations of any).

 

What types of Marine Cargo Insurance are available?

Single Cargo Shipments

 

This is a common form of cargo insurance, mainly taken out by individuals and small businesses for one-off shipments of cargo and freight. This is where the cargo as a one-off shipment is priced and covered as one shipment from a particular destination to another – the cover usually commences at the point of departure and ceases upon arrival at the cargo’s destination. This type of cover is also sometimes referred to as a ‘Voyage Policy’ as the insurance covers only that specific shipment/voyage.

 

Open or Annual Cover

 

This is the most common form of cargo insurance, most often used by regular shippers of goods such as importers and exporters including freight forwarding agents, where a policy is issued to cover a number of consignments being shipped to and from various ports and destinations throughout the year. The policy can be either for a specific value that requires renewal once the insured amount is exhausted, or an open policy that will be issued for an agreed period.

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Talk to us for the right advice and the right cover and policy.

It is important that we understand the exact processes that a client undertakes to ship any goods. The terminology used can be confusing and quite foreign to many businesses. Part of this understanding means ensuring that the right cover is placed to allow for correct claims management and awareness of what the insured needs to cover or at least be aware of.