Cargo and Transit Insurance can also be referred to as Marine Cargo Insurance and Shipping Insurance.
The concept of Cargo insurance is the oldest form of Insurance in recorded history dating back to the mid 1600’s when Chinese merchant traders would share risks of a voyage by apportioning their cargo across other traders vessels.
The risks associated with moving your goods from one location to another requires specialist attention and coverage.
What are the key risks?
- Financial loss associated with the loss of goods
- The risks associated with General Average (a Marine Principal that dictates that loss or damage to a ship or its cargo is shared among the Shipowners and Cargo owners)
- Acts of Piracy, theft and pilferage
- Malicious damage by Masters, officers or Crew of a vessel
- The risks associated with Transhipment risks (the moving of goods from one conveyance to another).
Policy features and Benefits
Coverforce can assist with the placement of top quality Cargo and Transit insurance including;
- Specific extensions for insolvency or otherwise non-delivery by the carrier/transporter,
- Coverage for Transhipment and Delayed shipment costs,
- A market leading policy wording, including: extended storage conditions, over carriage conditions, full coverage for General Average conditions,
- Extensions available for General property and Tools of Trade.
- Delay in Start-up as a result of non-delivery, Consequential Losses and Liquidated Damages are also options which can be considered for inclusion.
- Coverforce also have a bespoke Stock Throughput policy, an ideal form of cover for manufacturing businesses, retailing businesses and companies with multiple locations.