Marine Cargo Insurance

Marine cargo insurance is available to insure the goods that are transported on floating vessels that travel primarily on lakes, rivers and reservoirs and some ocean going vessels. Cargo is covered for loss from accidental damages or theft. This kind of insurance does not cover the marine vessel itself or the passengers on the vessel, only the cargo is protected. Marine cargo can also be referred to as ocean freight and can be any material product like pharmaceutical products, fresh fruits and vegetables, animals, industrial raw materials as well as products like electronic equipment, cars, tractors, motorcycle appliances, etc.

Because accidents can happen during transportation over the waterways it is good for the owner of such good to buy marine cargo insurance when they are transported from one continent to another. For instance, cargo can be lost at sea if a ship was to become shipwrecked in a violent storm or even if the product were to fall overboard when the ship is negotiating large waves. Marine cargo is always at risk for accidental loss. Even when the cargo reaches the port it can be damaged when being off loaded by large cranes, fork lifts, etc. In order to secure your financial investment you should consider buying Marine cargo insurance anytime your goods are transported over waterways.

Marine cargo insurance will reimburse the owners of the cargo. The terms and conditions are spelled out in the policy. There are various types of marine cargo insurance companies and which can offer different policies. A direct loss of the cargo is bad enough for a company, but there are also indirect losses that can affect its bottom line. Your company needs this kind of insurance if it transports goods over the waterways. You can find a suitable cargo insurance policy for your needs.

When shopping for Marine cargo insurance you should take the time to shop rates and compare marine insurance providers. You can buy this kind of insurance on an annual basis or you can insure it shipment by shipment. Contact the various Marine cargo insurance companies and request quotes fro an annual policy for the best rates if you do a lot of shipping overseas. Depending on the size and type of vessel the cargo is shipped on the rates can vary. Certain conditions may not be covered with various insurance carriers so it is best to look at more than one policy before deciding on which to buy. Your need for Marine cargo insurance can vary by country and region as well.

Different types of Marine Cargo Insurance
Annual Marine Cargo Insurance - Annual marine cargo insurance policies usually cover all the cargo imported or exported for a whole year. People who are involved in the import and export business will find the annual policies the best suited for their needs as well as being the most affordable.

Single Item Transit Marine Cargo Insurance - These types of policies are available for private individuals. For instance, if you are an individual who has bought items from another country and are having it shipped by vessel to where you reside, you can buy Single Transit Marine Cargo insurance to cover the goods being shipped to you.

Liability Marine Cargo Insurance - Liability Marine cargo insurance will cover the liability for the vessel transporting the cargo. For example, if the vessel is delayed at sea and the market value drops then this kind of cargo insurance will cover the liability incurred for the delay. The vessel owner is also covered for damages to the cargo.

Be sure you research the companies that offer Marine cargo insurance coverage. Buy from a reputable company with a good rating. You can research the various companies online. Some websites are also comparisons sites where you can compare the various insurance companies, their policies and their rates.

Comments are closed.