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Marine Cargo Insurance is one of the oldest types of cover in the world and cover extends to provide protection for businesses operating on both a national and global basis.
A Marine Cargo Insurance policy provides cover against loss or damage to goods whilst being transported by road, rail, sea or air.
It’s designed for any business – large or small – that imports, exports and/or distributes goods around the UK, such as manufacturers, wholesalers, retailers and distributors whether you are buying or selling goods.
Cover is usually provided to protect against All Risks under Institute Cargo Clauses (A) (unless otherwise restricted by insurers) and cover good for the whole duration of the journey for which you are responsible and hold title of the goods
Can I include Goods in Storage?
Cover is also available to include goods whilst being held in storage either at your own warehouse or a third party storage location or supply chain partner
Engineer’s Tools & Equipment
In addition cover is available for engineer’s tools and equipment, representative’s sales samples and demonstration stock and whilst at Exhibitions.
Hauliers don’t insure your cargo; only their liability for loss or damage. In the event that cargo is damaged whilst 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 £10,000, they will only be liable to pay £1,300 per tonne under standard RHA conditions, leaving your business significantly out of pocket. Marine cargo insurance prevents such shortfalls.
Is Marine Cargo Insurance right for me?
Whether you run a logistics or distribution company, or your business needs to transport goods, Marine Cargo Insurance should form part of your insurance package.
It reduces your exposure to financial loss – whether buying or selling goods, your business has a financial interest in their safe transportation and delivery. Marine cargo insurance protects your interest in the event of a loss.
Marine cargo insurance covers a range of goods, from raw materials and single components, through to finished products and appliances. It’s designed for any business – large or small –that imports, exports and/or distributes goods around the UK, such as manufacturers, wholesalers, retailers and distributors.
Haulage and shipping companies may be responsible for the transportation of your goods, but their liability will be limited by contract or law in the event of loss. Furthermore, carrier’s liability insurance doesn’t cover many common causes of loss, such as General Average. Any compensation available often falls short of the full valuation of the goods and pursuing overseas hauliers can be a difficult and time-consuming process.
When cargo is moved from one place to another, numerous parties can be involved, each with their own responsibilities. The contractual agreement between buyer and seller, known as the ‘Terms of Sale’, determines who is responsible for what during the transaction. These internationally recognised terms are called ‘Incoterms’ and here is an explanation of the most commonly used Incoterms: