Take a look at our guide to marine and cargo insurance to find out what a policy could cover.
The protection of goods and merchandise while being transported overseas via ship vessels is covered by marine and cargo insurance. This policy, sometimes referred to as marine insurance or marine cargo insurance, provides cover for the goods throughout the duration of their transit.
There are two main types of risks that a ship and its cargo will be exposed to when travelling, both of which can be covered by a marine & cargo insurance policy: natural risks and man-made risks.
Natural risks are typically considered to be severe weather risks that could pose a threat to ships and their cargoes. Types of weather risks covered by marine cargo insurance can include:
Some other natural, non-weather perils are also covered under a marine policy. These include:
The non-natural risks covered in a marine and cargo insurance policy include:
Many different types of goods are covered by marine cargo insurance – almost anything that can be feasibly transported by ship. This could include solids, powders, liquids and gases.
Some of the most commonly transported types of cargo include:
There are a number of exclusions that apply to most marine & cargo policies, meaning that cargo would not be covered in these events. These are grouped into several different categories:
Items of high value, such as paintings, bank notes and precious stones, may be considered too valuable to be covered under a typical marine insurance policy, and require insurance from a specialist provider.
It is important to check the stipulations of any insurance policy you take out before committing to it, to ensure that you will be comprehensively covered against the risks that could threaten your cargo while in transit. Also, you should make sure that you are fully aware of any terms and conditions which you may need to adhere to in order to validate your policy.
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