Marine Cargo insurance is an intrinsic part of international trade and is required by buyers and sellers of manufactured goods or raw materials, import/export merchants, buying agents, contractors and banks. In fact anyone engaged in the movement of goods.

Marine Cargo insurance encompasses transportation by Sea, Air, Road, Rail, Post, or any combination of them.

The intention of Marine Cargo insurance is to indemnify the owner of the goods against physical loss or damage that may have been incurred as a result of a peril insured against during the transit. There are many risks which goods face as they move between countries despite improvements in packing and methods of transportation. Loss or damage from accidents to vessels and other conveyances, breakages, theft, wet damage and hijack are common problems. In addition, with valuable goods moving around the world, banks often insist that the buyer or seller arranges insurance to safeguard their interests.

Cover can be provided for goods and/or merchandise:

• Which is the property of the assured
• Incidental to the assured’s business
• For which the assured is responsible or receives instructions to insure
• Which are returned to the assured following a contract of sale
• Which have been over-carrier
• In which the assured has a contingent financial interest

Cover can also be provided for:

• Inter company movements
• Inland transits including sendings up to FOB or similar

Conveyances

Cover is provided for goods and/or merchandise conveyed by all methods of transportation including assured’s own vehicles

Basis of Valuation

Imports/Exports

Cost, Insurance and Freight plus 10% and, where applicable, increased value by payment of duty and/or similar charges, if incurred

Inland Transits / FOB and/or similar

Invoice price

Contingent Financial Interest

Sellers’ or buyers’ invoice price plus freight where incurred.