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Marine Cargo Insurance / Goods In Transit Insurance

Transportation is a big business. Every day, countless transactions are being made dealing with the delivery of goods for overseas trade; transactions that are vital to the livelihood of the parties involved.

As a result, the potential for goods being lost or damaged is relatively high and, the financial losses suffered are huge.

Marine cargo insurance is vital in international trade as it provides protection in connection with the transportation involved.
 

 

Key coverage

This policy covers cargo whilst in transit and including storage in the ordinary course of transit. They are subject to the terms of the Institute Cargo Clauses. The most commonly used clauses are:-

 

Institute Cargo Clauses (A) or Institute Cargo Clauses (Air) 
  • Covers all risks of loss of or damage to the cargo.
 
Institute Cargo Clauses (B)
  • Covers loss of or damage caused by the following perils
    • Fire or explosion
    • Vessel or craft being stranded, grounded, sunk or capsized
    • Overturning or derailment of land conveyance
    • Collision or contact of vessel, craft or conveyance with any external object other than water
    • Discharge of cargo at a port of distress
    • Earthquake, volcanic eruption and lightning
    • General average sacrifice 
    • Jettison or washing overboard
    • Entry of sea, lake or river water into the vessel craft conveyance container or place of storage
    • Total loss of any package overboard or dropped whilst loading on to, or unloading from vessel or craft.
 
Institute Cargo Clauses (C)
  • Covers the following named perils :
    • Fire or explosion
    • Vessel or craft being stranded, grounded, sunk or capsized
    • Overturning or derailment of land conveyance
    • Collision or contact of vessel craft or conveyance with any external object other than water
    • Discharge of cargo at a port of distress
    • General average sacrifice
    • Jettison 
 
 

Types of marine cargo policies

Single Voyage
  • We ofter single votage policies for one-time or occasional shipments
 
Open Cover
  • Business that make regular cargo shipments can benefit from an Open Cover,which automatically insures shipments based on specified terms and conditions.
 
Inland Transit
  • Goods in Transit on your land vehicles or through a professional carrier can be protected by an annual policy with us. An agreed annual premium is charge upfront