Marine & Cargo insurance covers goods when they are being transported overseas by land, rail, sea, or air.
"A qualified Broker can provide you with the advice and assistance to ensure you are properly protected"
If you regularly have goods in transit, even if they never go near the sea, keep reading! Confusingly, Marine Cargo policies insure property as it moves from Point A to Point B by sea, but also air, rail and road. The misleading title stems from the 1906 Marine Insurance Act which, as the name suggests, focused on ‘maritime perils’ and ‘marine losses’.
By sea, air or land
Marine Cargo insurance is much broader now and covers your merchandise against damage or loss arising from transit in the air, on sea and subsequently over land or inland waterways. Policies can cover a single mode of transport or a combination, depending on the journey to be taken by your goods. The critical element is the ‘peril’ that each mode of travel carries. So your Marine Cargo policy might specify that you are covered for derailment, crashing, piracy, or all three, and many more besides.
Who has the ‘insurable interest’?
Another key consideration is who has the ‘insurable interest’ in any goods insured. This can be complicated. Someone selling goods will retain ownership until they have received payment from their buyer. If this happens during transit, for example after the cargo has docked at its destination port but before it is unloaded, the policy must cover both parties.
This is unlike other property insurances where ownership remains the same throughout. Marine policies have to be more flexible, allowing for ownership to change as goods are bought and sold, sometimes before their journey is completed.
Standard Covers
Property
Contents
Business Interruption
Public Liability
Employers Liability
Optional Covers
Professional Indemnity
Abuse & molestation cover
Expert advice from Prima Insurance Brokers
Because of Prima’s expertise and contacts, we are able to advise our clients on a full range of insurance policies, including more complex and specialist areas such as Marine Cargo. We are committed to providing you with the right cover, at the right price.
Benefits
The burden of proof has shifted increasingly to the benefit of goods owners over time as legislation has allowed carriers and other bailees for reward to limit their liability for loss or damage to goods in their care, custody, and control.
Recent years have seen carriers and logistics operators face increasingly burdensome contractual terms imposed by their larger, more demanding customers.
Go to your team, and tell them you want to make a fresh start. Tell them you want them to enjoy their jobs more and get more done.
In this problem solving step, you will want to figure out what caused the problem, what the problem looks like at this moment, and the urgency of addressing the problem.