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Business Insurance For Marine Cargo Policies

Marine cargo insurance covers losses, arising from physical damage to goods, while being transported around the world, whether by road, rail, sea or air and even in storage. This coverage is especially important when you are importing or exporting goods overseas as your goods can be handled by various companies over many continents. Cargo cover will also cover your UK based, Goods-In-Transit for the collection and delivery of your own goods.

Do You Fully Understand Your Exposure?

If your company delivers, imports or exports goods or uses third-party companies to move your goods, then a Marine Cargo Insurance policy offers you specialist protection against the loss or damage to your goods. Importing and Exporting goods can carry unseen risks such as general average losses (see below) which may not be covered by your shipper’s insurance policy and this can cause significant financial losses to the owner of the goods. A cargo policy puts you in financial control of the loss and insurers will pay you directly and decide who was liable in their time, not yours.

Don’t the Hauliers Insure Your Cargo? Or Do They?

Hauliers only insure their liability for loss or damage. In the event that cargo is damaged while the haulier is transporting it and assuming the haulier is negligent (therefore, liable), the compensation they pay is controlled by their contract conditions, such as RHA Conditions of Carriage 2009. So, even if two tonnes of cargo is worth £20,000, they will only be liable to pay £2,600 under standard RHA conditions, leaving you £17,400 out of pocket. Cargo insurance prevents such shortfalls.

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How & Why Does A Marine Policy Transfer From One Party To Another?

The term used to describe this process is “assignment”.
When an exporter sells goods overseas he has the option of either selling the goods on terms that leave the insurance to be arranged by him or his buyer, or he can arrange an insurance that covers the entire voyage but the benefit of which passes from him to his buyer when the insurable interest passes from one to the other.

Under certain terms of sale, and Cost Insurance and Freight is a popular one, the seller contracts to obtain at his own expense a cargo insurance that the buyer, or any other person having an insurable interest in the goods, shall be entitled to claim directly from the insurer and to provide the buyer with an insurance policy or certificate for that purpose.

This is a notable difference to most other property insurances where ownership remains the same throughout the period of cover. Claims are paid to the person named in the policy. However, the marine policy has to allow for ownership to change as goods, the subject matter of the insurance are bought and sold.

For this reason a marine policy is assignable unless it contains terms to the contrary, (Marine Insurance Act 1906 (MIA) section 50).

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Marine Cargo Insurance When Would You Claim?

The insurance you need will depend on your specific type of business and the individual risks it faces, but these are most common reasons for claims on marine cargo policies:

  • Theft & Loss
  • Collision
  • Heavy weather
  • Ship Sinking
  • Derailment
  • Non-delivery
  • Theft
  • Fire
  • Earthquake
  • General Average

Our Team will be able to give you plenty of first hand experience of how to navigate these situations successfully
Just give us a call and start the conversation today.
Just choose the cover you’re interested in and get some expert insight into how each option can help your business.

Our Experience & Relationships

Moneycornershop.com is a proud member of the Purple Partnership – Who have been voted the Best Broker Network in the UK – 3 times in the last 4 years – Which means many insurers provide exclusive deals for us, with competitive pricing and enhanced policy cover. Moneycornershop.com has been working with small-and medium-sized enterprises all across the UK, so we understand that each individual business has its own unique risks and challenges. Our knowledgeable customer service team has the skills and expertise to put together a flexible policy that fits your specific requirements, and has the ability to develop and grow along with your business. When this is combined with the great service our team provides, you can see why people choose to let us arrange their insurance.

We have over 50 years collective experience and relationships with underwriting specialists which have the capacity and understanding of the industry to write and place any marine risk. Need more details? Hear more about what is possible from our expert team.
Just choose the cover you’re interested in and get some expert insight into how each option can help your business.

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