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What does Marine Cargo Insurance Cover?
Marine Cargo Insurance protects shipped goods against:
- Sinking or collision of vessels
Damage during loading or unloading processes
Theft or non-delivery
Natural disasters such as tsunamis, storms at sea, floods, and earthquakes
Fire or explosion on the ship during transit
Do I Need Marine Cargo Insurance?
This insurance is important if your business falls under these categories:
Importers / Exporters
Manufacturers who source goods or deliver goods internationally
As part of a contractual requirement by the importer
Wish to reduce the potential financial loss of goods while in transit
How Much Does Marine Cargo Insurance Cost in Singapore?
Premium rates vary from cargo to cargo, largely dependent on the following factors:
Type of cargo: Whether perishable goods, hard/soft commodities, electronic or electrical products
Point of destination: the longer the route, the higher the premium: or if the sea route is prone to piracy activities in that area
The value of the goods for delivery
With Provide, you save up to 25% on your premiums. Our digital operating model creates lower overheads, and we pass every dollar saved back to our clients.