Marine Cargo and Transit Insurance
Marine Cargo insurance or Cargo and Transit Insurance is designed to protect businesses transporting goods by sea, air, rail, road, post or courier due to loss, damage or non-delivery of your goods whilst in transit.
Coverage can be for movement of goods within Australia and also Imports, Exports, or even a global basis of shipment basis of a country outside Australia to another country outside Australia.
Goods in Transit coverage includes coverage for damage to property caused by fire, theft, sinking, capsizing and grounding or any event that causes non-delivery of cargo. Damage caused in other circumstances may need extra coverage. This policy cover can also be extended to warehouses where cargo is kept in the interim period and loading and unloading of cargo.
What Risks do Marine Cargo cover?
There are several risks that are unique to Cargo and Transit, and are covered under policies which including:
- General Average (this is 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
- War Risks (Coverage for damage arising from war for an agreed amount of days post war being declared)
Import/ Export
Cover commonly includes:
- Choice of annual or single transit policies
- Covers loss or damage to goods in transit in Australia or imports/exports to and from Australia
- Packaging and container damage cover
- Cover for import duty and/or tax caused by an insurable event
- Removal of debris
- Covers shipment items such as stock, equipment, livestock, refrigerated produce and liquids
- Extra cover for damaged good bearing brands & labels
Inland Cargo
Cover commonly includes:
- Choice of annual or single transit policies
- Choice of accidental damage or specific events cover
- Packaging and container damage cover
- Strike cover
- Extra cover for damaged good bearing brands & labels
- Optional extension to cover exhibition & demonstration of goods, traveller’s samples and tools of trade
What are the main types of Marine Transit cover?
Marine Transit policies can be provided on an Annual basis or Single shipment basis. The advantage of an Annual policy is that all your shipments are covered for a pre-agreed amount based on the type of goods that are being moved. With unique or major shipments, or once-off movement, then a Single Transit policy would suffice.
Due to the nature of certain industries, a Stock Throughput policy is another style of coverage which can be taken by major manufacturers or businesses with multiple locations.
Household Removals
Household Removal insurance offers covers your home contents and personal belongings whilst they are being moved to between your old and new home property, whether it’s within Australia or to an overseas destination.
Cover commonly includes:
- Cover for loss or damage caused by accidents in transit or mishandling by removalists
- Packing and unpacking of your possessions
- Cover for incidental storage with optional cover for longer term self-nominated storage (up to a max. of 6 months)
- Cover for alternative accommodation expenses
- Additional goods stored temporarily between houses/ properties
- New-for-old replacement for damaged or lost goods
- Worldwide cover available
Various policies are available with differing dollar limits. Some policies do have a maximum limit per item moved, and we recommend this be discussed prior to commencing cover.
Carriers Goodwill
Carriers Goodwill insurance is designed to protect the transport operator or carrier with the ability to have commercial settlements made to their customers for loss or damage to their goods or livestock from an insured event at the carrier’s request, regardless of their legal liability.
There is no requirement for the carrier to issue consignment notes or operate under other contracts of carriage.
Carriers Liability
Carriers Liability covers your legal liability regarding compensation for loss or damage to goods, merchandise, and/or livestock, as well as agreed amounts of loss or damage for goods, merchandise, and/or livestock. With the transportation of goods key to many businesses within our industry, it is important to know that you are covered for both your vehicle and its cargo.
Cover commonly includes:
- Fire, explosion, lightning or flood
- Collision, crashing or forced landing
- Impact
- Hijacking or armed hold-up
- Overturning or jack-knifing or derailment
- Additional optional benefits are also available:
- Additional Expenses & Collapse of Decks
- Rainwater damage & Shedding of Load
- Theft and non-delivery & Loading/ Unloading
- Refrigerated Goods
For further information or a no obligation review of your insurances please contact Business Insurance Specialists Pty Ltd, complete the Cargo and Transit quote form provided or call us on 07 3139 3900.