Marine Cargo Insurance

With the marine cargo insurance, businessmen transporting goods worldwide by road, rail, sea or air are indemnified if any of the goods are lost or damaged. The marine cargo insurance is necessary to all businesses as it offers more benefits than the goods in transit insurance. Pitsas Insurances provide a variety of products that cover raw materials through to finished goods.

WHAT DOES MARINE CARGO INSURANCE COVER?

Damage or loss of goods in transit

Loss of goods due to fire or theft

Incidents relating to the vehicle itself i.e. lorries overturning, road accidents etc.

Loss of goods from Natural disasters

Protection of goods in warehouse storage

Total loss of a package or vessel

FAQ

Does the insurance cover have a limit?

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Generally no but this is up to each insurance company. Limits may depend on the company’s size or on whether there might be a huge pay-out that will cause bankruptcy. However, if you have a “valued policy” section in your insurance policy it means that the cargo’s value is agreed upon when the policy is issued and this value may be based on an average or on the assumption that every cargo has the same or similar value.

In case of a claim, will my premiums increase?

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Yes, since this is the case for all insurance policies. However, if you discuss this with your insurance broker when writing up the policy, there might be a way to fix the premium in another way.

What can I do to prevent a claim?

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You are most probably already taking all necessary precautions and given that an insurance policy is aiming to protect you from the unpreventable, all you can do is keep accurate logs. This will keep you organized and may prevent a future claim.

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The word ‘marine’ in marine cargo insurance is a misnomer. It indicates to the uninitiated that this type of insurance only covers goods transported by water. Where in reality, marine cargo insurance covers goods being shipped by sea, air, road, or any other mode of transportation. Marine cargo insurance is a must-have for cargo owners, shipping corporations, and ship owners to protect their interests. Furthermore, in most cases, the export contracts require the exporter to obtain marine cargo insurance.

Marine Cargo Insurance (FAQ)

While the word 'marine' inevitably conjures up images of the sea, Marine Cargo insurance is not restricted to the movement of cargo across the seas. 1.What is Marine Cargo Insurance? In simple terms, it is the insurance of property from any loss or damages it may incur as it moves from place to place. While the name of the policy based on the Marine Insurance Act 1906 does specifically refer to 'marine losses' and 'maritime perils', since international travel ofter requires the use of more than one type of transport to ensure the cargo reaches its destination, Marine Cargo insurance also makes provisions for aircraft, road, and rail vehicles.