Cargo Insurance
We provide war and all-risk cargo insurance with competitive first class world-wide insurance coverage. We understand your sensitivity and risk with your cargo and will provide the adequate insurance at the lowest cost to protect your interests while the shipment is in transit.
We will issue the policy according to the requirement of your Letter of Credit and to the requirements of your contract.
Single Shipment and Open Cover Insurance
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Single Voyage Policy- This is the most common marine cargo insurance coverage. It provides protection for your particular shipment from departure until it reaches the final destination. This policy is especially suitable for ocean containers.
Open Cover Insurance- This is for multiple shipments or projects on a larger scale. Coverage is provided for a specific time period and commodity. Marine insurance terms are agreed upon in advance for specific voyages, cargo value, commodity, and rates. Open cover marine cargo is for businesses with frequent shipments and the cargo is covered as long it follows the terms of the agreements.
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Marine Cargo Insurance Coverages
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All Risk Insurance Coverage- This policy covers against damage and theft risks to all cargo. All Risk Insurance is the broadest coverage available on the market and has a very small deductible. Deductibles vary based on cargo value, age, commodity group, type of freight and category, etc.
Total Loss Insurance- Covers the entire shipment against total loss. This is typically used for low value shipments or commodities. Total loss marine cargo insurance protects for collision, fire, natural disasters, vessel sinking etc. Total loss ocean coverage insures all goods and usually no deductible is required.
Standard Marine Cargo Insurance- Also known as Basic Risk Coverage, this insures freight damage/loss to cargo while in transportation. This insurance provides protection for total or partial loss depending on customer requirements.