Marine Cargo Insurance protects your goods from damage, theft, or loss while transported by sea, air, or land, from the time they leave the warehouse until delivery to their final destination.
It’s incredibly common for goods to be chipped, damaged, lost or even stolen while being transported. Marine Cargo Insurance ensures you won’t suffer massive losses from products that go missing or get compromised.
If you ship goods abroad, or receive goods internationally, then this type of protection is vital for your business.
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
What does Marine Cargo Insurance Not Cover?
This policy does not cover:
Wilful misconduct on the part of ship master or crew
Loss caused by delay, including delay caused by an insured peril
Ordinary wear and tear
Inherent vice (damage that can be foreseen as bound to occur)
Lack of due diligence of assured or managers
Improper or inadequate packaging of shipped goods
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 potential financial loss of goods while in transit
How Much Marine Cargo Insurance Do I Need?
Follow this simple two-step formula to determine your coverage amount:
How Much Does Marine Cargo Insurance Cost?
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.
Get started on a quote today!