What is Marine Cargo insurance?
The term ‘marine’ can be misleading as this insurance covers goods being transported by any means.
A marine cargo policy can cover:
- Replacement cost of the items
- Transportation costs
- Lost profits based upon the final retail value of the items
- Items in storage / stopped overnight
- Annual basis for multiple moves
- One-off for a single move.
It is worth paying attention to the small print as some policies are actually quite limited and will not cover an entire journey, for example they may only cover a sea voyage but not the journey to and from the port or whilst waiting at the port, or may only cover limited events and exclude perils such as theft. It is important to discuss your exact requirements with your broker to get the right cover.
It can be tempting to leave the responsibility of the insurance to someone else, such as the haulier or supplier. This may be the convenient option, but as the above paragraphs demonstrate, marine cargo insurance policies vary considerably, so you need to check that cover provided by a third party gives you what you require, if it does not then you may need to take additional cover to fill the gaps.
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