Marine Cargo insurance is designed to protect goods against loss or physical damage while being transported.
Despite its name, Marine Cargo isn’t limited to goods travelling by sea. Depending on the policy, cover can apply to road, rail, air and sea transportation, including domestic, import and export movements.
Specialist cover options may include war risks, strikes, riots and civil commotion, general average, temporary storage and exhibition risks, as well as protection for high-value or specialist cargo. Additional cover may be available for temperature-controlled goods, deterioration of stock, buyers’ and sellers’ interests, contingency risks, airfreight replacement costs, brand rehabilitation, and stock throughput exposures.
A UK importer arranges for high-value electrical equipment to be transported from overseas.
During the voyage, water enters the container and a significant proportion of the equipment is damaged.
The importer faces the cost of replacing the stock together with associated survey, handling and disposal costs.
Subject to the policy terms, Marine Cargo insurance can respond to the physical loss or damage to the insured goods and associated covered costs.
Marine Cargo can become complex where there are multiple countries, modes of transport, storage locations or contractual responsibilities.
We consider what you’re moving, where it is going, how it is being transported, the applicable trading terms and where the financial interest sits before approaching specialist marine markets.
