What Is Marine Cargo Insurance?
Marine Cargo Insurance not only provides cover for sea freight, but in fact, it provides cover for loss or damage to goods whilst being transported worldwide by air, road, rail & sea; there is no requirement for any leg of the journey to be made by sea.
Marine Cargo Insurance, also known as ‘Cargo’ insurance, is a specialist policy that insures goods against ‘all risks’ of physical loss or damage during the ordinary course of transit and is a crucial safeguard for businesses involved in the movement of goods (exclusions apply).
Talk to us about getting a quote today!
Who needs Marine Cargo Insurance?
There is sometimes confusion between insurance and liability. Goods owners often wrongly assume that the Freight Forwarder will automatically insure goods against loss or damage to their full value.
Freight Forwarders, such as ourselves, have a legal requirement to insure their legal liability for loss of, or damage to, goods as arising under the applicable Standard Trading Conditions e.g. BIFA, RHA (or an overriding International Convention, such as CMR). Copies available upon request.
Such liability is often less than the value of the goods.
Having Marine Cargo Insurance, however, compensates the cargo owner for the financial loss up to the value of the affected cargo, including various events such as faulty loading/unloading, accidents, bad weather, fire or theft.
In summary, any commercial enterprise that transports goods (that doesn’t ordinarily insure their goods) would benefit from taking out a Marine Cargo Insurance policy.
Full Cover Marine Cargo Insurance
We can insure:
- Approved General Merchandise (defined as commercial goods that are not particularly susceptible to breakage, theft, leakage and shortage, spontaneous combustion or water damage).
- Motor vehicles.
- Fancy Goods (defined as, but not limited to, luxury, bespoke, decorative items, furniture & fittings including rugs, tables, chairs and sculptures), including similar goods pertaining to your normal business activities all suitably packed to withstand the normal challenges of transit.
Limits and exclusions apply. All claims are subject to a policy excess.
Please contact us for more details about our Marine Cargo Insurance cover.
The Benefits Of Marine Cargo Insurance
Given the risks involved in shipping goods around the world, Marine Cargo Insurance provides essential protection, ensuring that the financial interests of the cargo owner are safeguarded against potential losses.
Here are the top benefits for taking our Marine Cargo Insurance:
- Enhanced protection against loss or damage.
- Risk mitigation.
- Compliance with contracts.
- Business continuity.
- Peace of mind.
- Ease of claim settlements.
From one-off shipments to an annual policy, ask our team about our Marine Cargo Insurance to ensure your cargo is covered.
Marine Cargo Insurance FAQ's
How do I get a Marine Cargo Insurance quote?
Contact our team of experts to talk through your requirements, and we’ll provide you with a Marine Cargo Insurance quote on the spot. A minimum premium of £25 per certificate applies.
Is Marine Cargo Insurance a commercial requirement?
In some instances, Marine Cargo Insurance is a requirement. For example, sales made with a Letter Of Credit may require proof of Marine Cargo Insurance. Not insuring the goods may place unnecessary strain on commercial relationships.
What is General Average?
If a vessel is at risk of being lost, part of the ship or cargo may be sacrificed to prevent a total loss. General Average dictates all parties contribute to the loss and Marine Cargo Insurance ensures a business’ contribution is covered.
How easy is it to make a claim?
Making a claim is very straightforward!
In the event something goes wrong, contact us immediately with a copy of your Insurance Certificate, Packing List, Commercial Invoice, Bill of Lading, Airway Bill and the Consignment Note (where applicable), and let us take care of the rest.
What is not considered General Approved Merchandise?
The following goods are not generally regarded as General Approved Merchandise:
- Goods that are highly susceptible to theft.
- Goods requiring specialist methods of carriage.
- Goods particularly susceptible to spontaneous combustion.
- Goods particularly susceptible to breakage and water damage.
- Goods that are second hand or used.
Can AGI provide me with Marine Cargo Insurance if I already have cover in place?
In a word: No!
If you already have a Marine Cargo Insurance policy in place, we cannot offer you cover as the two policies could cancel each other out, leaving you uninsured.