If your business takes you across the seas, you can be exposed to risks from mother nature, misadventure and even piracy.
Such risks can prevent your commercial vessel, cargo or truck from reaching its destination, or cause costly damage during the voyage.
Marine transit insurance refers to a range of insurance products which help protect your business from loss or damage to vessels and cargo. It can cover the door to door delivery of goods worldwide, by sea, road, rail and air – including incidental storage of the Goods upon their way.
Who should consider it?
Marine transit insurance is important for businesses involved in shipping or receiving goods and can be tailored to suit, including; the terms by which you trade with your customers, value of Goods any one load or shipment and what the annual sale value is estimated to be.
Talk to us as we have experience in this form of Insurance in both its underwriting and claims handling which can be quite complex if you were to manage directly with an overseas customer.
Whether your customer or the forwarder your using explains they have you covered, it is always worthwhile maintaining your own local Insurance where claims can be directly handled with you and through local and international Assessors representing you, the policyholder.
Marine insurance provides valuable cover and we can service industries not limited too:
- Importers and exporters
- Freight forwarders
- Primary producers
- Removalists
- Food Wholesalers
- Health Product Suppliers
- Mining companies
- Motor Distributors
There are different types of marine-related insurance policies – the type you choose will vary based on your specific needs. Depending on the type of policy you choose, marine insurance policies can cover:
| Type of cover | Potential benefits |
|---|---|
| Accidental damage | Physical damage that occurs as a result of an unexpected and non-deliberate external action |
| Insured events | Events nominated by the insurer are commonly known as fire, collision and/or overturning covers, although there are normally more events offered than these |
| Collision | Damage caused due to the collision of the carrying vehicle, vessel, train, aeroplane. It may be a collision between two conveyances or it might involve the conveyance hitting another object such as a bridge, wall, tree etc |
| Dropping during loading and unloading | Dropping during loading or unloading if this is not an excluded event specified under a Specified Risks policy |
| Fire, explosion, lightning | While fire is a common event covered by all transit policies, cover for explosion and lightning may or may not be granted |
| Impact of goods with external objects other than the conveying vehicle or road | Full impact cover can be provided, including goods falling from and within the vehicle |
| Malicious damage | Malicious acts, vandalism and sabotage by third parties. |
| Optional coverage in all cases: Consequential Loss | loss of profit incurred; increased costs incurred to avoid or minimise a loss of profit Sub limited* |
What usually isn’t covered?
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
- Consequential loss/loss of market
- War
- Delay
