Marine cargo insurance refers to the protection of your freight/cargo whilst in transit. You can receive marine cargo insurance for a single transit or you can apply for an annual cover to protect the regular shipment of your goods. Depending on the type of transit insurance you need will determine the costs, and we cover each category here to give you an idea of what to expect.
Your marine cargo insurance policy may range from the single transit of your home/personal goods, right through to the single or regular shipment of your business goods. There are also specialised types of transit insurance available for the transport of refrigerated goods, livestock/animals, and dangerous goods.
Marine Cargo Insurance Cost
Prices start as low as $200 AUD for a single transit policy within Australia and if you’re importing or exporting, you may receive one-off cover for as little as $300 AUD. Depending on your goods of shipment, how large your shipment is and the distance of travel will determine your cargo insurance costs. Opting for an annual policy tailored to the number of transits you need will typically save you 25-40% off compared to a single-transit insurance policy.
Generally speaking non-dangerous goods and home/personal goods are the cheapest to insure during transit. The cost of insuring your refrigerated cargo, animals and livestock are typically double the cost or more.
Refrigerated Marine Cargo
Under a standard marine cargo insurance policy, you are covered for the theft, loss, natural weather events and damages of your cargo during transit. Under a refrigerated policy you are also covered in the event that mechanical breakdown causes your refrigerated goods to expire.
We always recommend negotiating an extended ‘discovery period’ with your insurer for your refrigerated cargo.
The Discovery Period or Grace Period refers to the extended period of time after a policy has expired to report losses or damages to goods in transit.
What Is Excluded From My Marine Cargo Insurance Policy?
Mildew/mold, rust, and oxidation are not covered under Marine Cargo Insurance policies. It is the responsibility of your packing agent to insure all goods are properly prepared and protected for transit inside the shipping containers.
Furthermore, most transit insurance policies, whether transported via sea, air or land will not cover or have very specific clauses surrounding the following:
We can insure all of these items, however, we do advise if you currently hold a transit insurance policy with another provider, read their Marine Cargo Insurance policy wording to ensure you’re covered for what you need.
If you want to see how much you can save on your marine cargo insurance policy, get in touch with the team at Truck Insurance HQ, we’ll compare quotes for you free of charge and deliver you the best insurance policy for your needs.
We have access to over 170 local and international insurers and we have spent many years negotiating fantastic premiums for our clients. We have a multi-award-winning brokerage team, an easy claims process and insurance cover to suit your needs. You will have peace of mind when you insure your marine cargo with Truck Insurance HQ.
Give us a call today on 1300 815 344 or get an Online Quote.