Shipping Insurance
Marine Cargo insurance typically provides cover for the goods whilst in transit within specified countries Cover can be provided worldwide via any means of transport including the sea, air or on the road, and whilst the goods are kept in a warehouse for a specified period.
Exodus will be pleased, not only to arrange your shipping insurance for your goods and your freight liability insurance. We will also go the extra mile to show the differences between the traditional commercial covers and provide you with specialist protection whilst dealing with some of the marine insurance misconceptions, for example;
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“My haulier has insurance, so that will protect my goods”
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“I’m not transporting goods by sea or abroad, so it doesn’t apply to me”
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“Marine cargo insurance just gives you the same cover as Goods in Transit (GIT) cover”
Some Benefits of Marine Cargo Insurance
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The catastrophic losses arising from physical damage to goods in the event of an insured peril occurring can run into several millions of pounds, therefore a marine insurance policy provides an immense protection to businesses transacted around the globe.
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Goods in transit policy typically covers the goods whilst in transit within a specific country. A marine cargo policy provides transit cover worldwide.
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Hauliers normally limit their legal liability for damage caused to goods whilst in their control. This means that even if they are liable to the damage, the compensation available will often be inadequate.
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Sales made with a letter of credit, ie when financed by a bank or a loan often requires a proof of marine insurance.
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War and Terrorism perils are usually included as part of the standard cover in a typical marine cargo insurance
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As the policy typically covers the entire journey of the goods, the benefits of the policy can be “assigned” from the seller to the buyer and the latter becomes the legal owner during the journey.
(as per Allianz Insurance PLC)
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