With a huge range of insurers offering similar cover it would be easy to take the view that Marine Cargo Insurance is just another commodity. However, there is an equally wide range of policy options with varying prices, so how do you make sure you get the right product to meet the needs of your business?
Working with a specialist Marine Insurance broker that has a broad market access should ensure the most appropriate protection is sourced on your behalf at an optimum price, which means you benefit from the best value option. Marine Insurance specialists IRCM will assist you in combining the right cover at a competitive premium as part of your insurance arrangements.
Who Needs Marine Cargo Insurance?
Whether you are buying or selling, or simply distributing, at some point your product will be moving, whether by land, sea or air. Depending on the terms of sale you will need insurance to protect you in the event of damage or loss to your product (or your customers’ products if appropriate). A Marine Cargo Insurance policy can indemnify you in respect of loss or damage to such goods when they are in transit or temporary storage awaiting transport.
Why, What Could Possibly Go Wrong?
Setting aside the inherent risk in moving goods by road let’s look at the perils attached to the shipping world. Some 30 cargo vessels were lost at sea in 2016. In addition to these losses were numerous fires on container ships as well as many other reported incidents.
The Tianjin Port explosion of 2015 is likely to be the largest Marine Insurance loss of all time. It is an extreme example of the exposures facing importers and exporters whilst their cargo is waiting in port. Two massive explosions – equivalent to earthquakes measuring 2.3M and 2.9M respectively were caused by a fire breaking out in one of the port’s warehouses. Damage to warehouses, containers and uncontainerised cargo was initially estimated at US$ 1.5 Bn but quickly rose to US$ 6 Bn.
Insurers continue to warn of further losses ahead – in addition to the attritional loss of cargo vessels as a result of incidents similar to those above, concerns have been expressed over the structural integrity of larger vessels and the increased movement of vessels inside the Arctic Circle.
It would seem prudent, therefore, if you are importing or exporting, to give yourself peace of mind by insuring your cargo whilst it is in transit.
Cover Options Available
- Protection against loss during transits by Land, Sea and Air
- Cover for transits by own vehicles
- Loss caused by deception due to acceptance of fraudulent orders
- Financial loss caused by damage or delay to goods
- Terrorism cover
- Stick Throughput – Cover for stock in your own warehouse which means you have gap-free cover from supplier through yourself and onto your customer
Get your no-obligation quote for your Marine Cargo Insurance and Stock Throughput Insurance by completing the call-back form or ‘phoning Mark Elcocks on 01902 796 793.
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