Insurance on goods, wares, merchandise and other movable properties which may be exposed to marine hazards or perils during their transportation from one location to another.
You’d imagine the most important question would be “whose carelessness caused the loss or damage?” Even if you prove the carrier was careless, the maximum you can recover from the carrier is only a fraction of the value of the goods. You need your own Marine Cargo insurance.
Don’t rely on the carrier’s insurance. Marine cargo insurance covers physical damage to (or loss of) goods whilst in transit by land, sea & air.
Include the Marine Cargo Insurance point in your sales contract with other party, this makes clear who’s responsible for arranging marine cargo insurance. Both parties know where they stand. Premium’s are only a fraction of 1% of the value of the goods. You declare what the goods are worth for insurance purposes; the premium is a % of that. It’s a small price to pay for peace of mind, and future security of your business.
Always make sure your goods are insured appropriate to the mode of transport. Make sure your have insurance against General Average. Get advice from your Freight Forwarder or Insurance Broker.
