What is Marine Insurance?
Marine Insurance provides protection for loss or damage to both vessel and goods while in transit by any method of transport – sea, rail or air.
As you know moving can be fraught with all sorts of problems, Your cargo is loaded and unloaded, on and off trucks, ships, planes and by many handlers, each one an important link in the chain in ensuring your goods arrive safely to you without any damage and not lost in the process.
How Does Shipping Insurance Work?
In a nutshell, shipping insurance is a service that pays money back to the shipper in the event that a product is lost, stolen or damaged during transport.
Shipping items now days is incredibly efficient and streamlined when you think back to years ago, items can be quite quickly sent and received or freighted from and to overseas countries. But like anything, there can be mishaps and things can happen that weren’t planned. That’s where freight truck insurance comes in, to help cover you when packages or goods are lost or damaged while in transit. With social media and the pace of life today, customers have high expectations and want instant results so if you go to the trouble of insuring your items, in the event that they are lost, stolen or damaged while in transit, then you as the shipper of the goods can be reimbursed for the items.
Marine Carriers Cargo Insurance Policy
A carriers marine cargo insurance covers for loss of damage to goods whilst in your care during transit and this type of freight insurance can cover a wide range of transport business, from the smallest of operators to large scale transport companies. Taking out a carriers cargo insurance policy is an inexpensive risk management strategy for your business.
Cargo Insurance FAQ – Freight Shipping Protection
Why do I need freight insurance cover?
Should goods be lost, stolen or damaged in some way, without freight protection insurance in place, owners are only able to recover a small fraction of the value of their goods.
If I am shipping goods throughout the world, can I purchase marine cargo insurance?
Irrespective of where in the world you may be shipping goods, you can take out freight insurance for both domestic and international cargo shipments.
Who is freight protection insurance suitable for?
- Domestic shippers
- Importers and Exporters of goods
- Manufacturers who bring in raw products and distribute finished products
- Primary producers who transport goods to and from their farms
- Wholesalers who move goods between the producer and the retailer
- Retailers moving stock from their warehouse to their retail store
- Mining industry– importing and exporting raw materials and equipment
How will I be compensated if something happens if my goods are damaged?
In most cases the cost of goods, insurance and freight charges will be reimbursed. Best to speak to your insurance broker with your specific questions.
What does freight and cargo insurance cover?
Freight and cargo insurance covers all risks (loss or damage) for the full value of the goods, which may include shipping costs, duties and insurance costs, but again, talking with your cargo insurance broker allows you to explain your situation and obtain accurate information.
What type of goods are covered by freight and cargo insurance?
Typically items could be:
• Luxury vehicles including cars, motorbikes etc.
• High end jewellery items
• Computer Equipment
Guidelines for claims handling and submission
If you have marine cargo insurance and are needing to make a claim then contact your insurance broker who is proficient in this complex insurance product and they will assist you with claims handling and submission. Marine cargo insurance is a specialised field so its important to get the right advice from your insurance broker not only when taking out your policy but its vital that in the event of a claim, that you have a dedicated claims professional on hand to assist you through the claims process and take you through the key steps in managing cargo claims and losses.
Get a Marine Cargo Insurance Quote with Truck Insurance HQ
Truck Insurance HQ is Australia’s leading insurance broker for businesses in the truck, transport and logistics industry. Our brokers have extensive experience working with both small and large businesses and understand the risks involved. Give us a call today on 1300 815 344 for a tailored quote or obligation-free advice regarding your marine cargo insurance requirements.