Our global strategic partnerships provide you secured protection to meet your business needs.
What is Marine Cargo Insurance?
Goods or commodities during transit are vulnerable and susceptible to loss or damage due to various causes, such as breakage, moisture, water damage, shortages, short landing, theft, pilferage and Non-delivery.
Marine Cargo Insurance provides protection for goods being transported by ocean, air or land (rail or road) or in any combination thereof; covering you for physical loss or damage that results from an insured peril.
Any person who has an insurable interest in a shipment, and who would suffer a financial loss should the cargo be damaged or destroyed, or would benefit from the safe arrival of the cargo, has a need for Marine Cargo Insurance.
This includes:
The cover can be arranged on an individual transit basis or, if regular shipments are involved, on an ‘open cover’ basis.
What is covered?
A standard set of “Institute Clauses” is normally used to cover ‘general cargo’ which includes manufactured goods, machinery, hardware and most consumer goods.
Coverage is subject to Institute Cargo Clauses A, B, & C, as well as Inland Transit clauses which cover risks during transportation over land. There are some other specialized covers for specific commodities, which are tailored to the specific trade. These clauses are known as the ‘Trade Clauses’.
ICC (A) Cargo clause provides a comprehensive all risk cover for partial or total loss of cargo from insured perils.
ICC (B) Cargo clause covers
- Partial or total loss of cargo caused due to accidental damage to the sea, air or land carrying vessel.
- Damage to cargo from lightning, earthquakes, volcanic eruptions, washing overboard and entry of sea / lake / river water into the vessel.
- Total loss of any package lost overboard or dropped whilst loading on to, or unloading from vessel.
ICC (C) Cargo clause provides a very basic cover for partial or total loss of cargo caused due to an accidental damage to the sea, air or land carrying vessel.
All risk land transit clause covers shipments by land on a comprehensive all risk basis for partial or total loss of cargo from insured perils.
Basic land transit covers shipments by land for partial or total loss of cargo caused due to an accidental damage to the land-carrying vessel.
What is not covered?
Extensions available
- Coverage for Strike, Riots and Civil Commotion
- War risk
Basis of Sum Insured
The value of the item insured is the agreed value which in most cases will be CIF (carriage insurance & freight) and/or C&F (cost & freight) plus 10% or FOB (free on board) plus 10% to 20%.
For more information, please contact ( Premier Insurance Broker ) at +971 2 658 8880.
Deductible
A monetary deductible is applicable depending upon the type and nature of cargo.
Important Information
Please note that for the easy understanding of the insurance policy, we have highlighted the important aspects. We will be glad to receive your queries and discuss the full set of policy terms, conditions and exclusions.
For more information, please contact ( Premier Insurance Broker ) at +971 2 658 8880.
Claim Settlement
In the event of a loss, contact us immediately.
Notify the carrier’s or shipper’s representative and lodge a letter of claim. We shall appoint a surveyor based on the loss.
Arrange for the following documents:
- Original bill of landing
- Original invoice
- Packing list
- Delivery receipt
- Port certificate
- Certificate of insurance
- Insurers may seek other documents on a case by case basis
You must alert us of any accident that may lead to a claim covered under the policy, and our team of experts will assist you in the quick settlement of the claim.
Call us as soon as possible, in case of an accident, and our team of experts will guide you through the claim process. For more information, please contact ( Premier Insurance Broker ) at +971 2 658 8880.
Your insurance depends on a lot of factors
Your personal advisor will compare insurance quotes
from leading insurance providers