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Marine Cargo Insurance in Singapore

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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 from Singapore abroad, or receive goods internationally, then this type of protection is vital for your business. Provide offers businesses the easiest and most affordable way to protect their goods. Get started on a Marine Insurance quote today.

What does Marine Cargo Insurance cover?

Marine Cargo Insurance protects your goods against a wide variety of risks:

Loss of goods due to vessel damage: e.g. if your ship sinks or airplane crashes
Damage to your goods during loading & unloading
Goods falling off the ship, e.g. during a storm
Theft or non-delivery of goods
Piracy
Natural disasters such as tsunamis, storms at sea, floods, and earthquakes
Fire or explosion on the vessel that’s transporting your goods

This comprehensive protection ensures that if anything happens to your goods, you’ll be properly compensated.

What are the different types of Marine Cargo policies?

Marine Cargo policies offer varying coverage levels. The extent of protection is based on the “Institute Cargo Clauses” (ICC). The ICC is an international standard used by many countries to determine what is and isn’t covered under Marine Cargo policies. Marine Cargo policies are written based on 3 kinds of ICC. These 3 ICC types are lettered from A (broadest cover), to C (narrowest cover).

When you purchase a Marine Cargo policy, you can choose whether you want Institute Cargo Clauses A, B, or C. Most cargo owners will purchase Institute Cargo Clause (A) policies. This is because you typically only save 2-5% if you purchase the B or C options, and the coverage for B and C is usually too narrow to be of much benefit to cargo owners.

Coverage	Marine Cargo Policy: Institute Cargo Clauses A	Marine Cargo Policy: Institute Cargo Clauses B	Marine Cargo Policy: Institute Cargo Clauses C
Number of risks covered	Technically unlimited, except those excluded	10	7
Fire and explosion	🗸	🗸	🗸
Vessel stranded, grounded, sunk	🗸	🗸	🗸
Overturning/derailment of land transport	🗸	🗸	🗸
Ship collision	🗸	🗸	🗸
Discharge of cargo at port of distress	🗸	🗸	🗸
General Average sacrifice	🗸	🗸	🗸
Jettison	🗸	🗸	🗸
Cargo accidentally falling overboard while in transport	🗸	🗸
Lightning, earthquake, volcanic eruption	🗸	🗸
Water damage on goods from sea/river water entering vessel (excludes damage caused by rain, sprinklers, or condensation)	🗸	🗸
Water damage on goods (includes damage caused by rain, sprinklers)	🗸
Loss or damage while loading/unloading	🗸
Piracy	🗸
Theft	🗸
Malicious damage (e.g. vandalism)	🗸
All other risks, except those excluded by the policy	🗸
Premium	–	Typically only 2-3% less than Institute Cargo Clauses (A)	Typically only 5% less than Institute Cargo Clauses (A)

How much coverage do I need?

You should insure the value of your goods being transported. If you’re purchasing an annual policy (covers unlimited numbers of shipments), then you should forecast the amount of goods you intend to import or export. Cover at least that amount. You can easily increase your coverage later on if you need to.

What are some claims examples for Marine Cargo Insurance?

Example 1: The second biggest Marine Cargo loss in history – ONE Apus loses more than 1,800 containers due to bad weather in 2020

A Japanese-flagged vessel, ONE Apus, lost more than 1,800 shipping containers in 2020. The vessel encountered severe weather in the Pacific Ocean. Wind speeds swept , and ONE Apus was embattled by waves that were up to 10m high. These conditions caused the ship to sway significantly from side to side. Eventually, the which caused it to lose huge numbers of the containers that it was carrying.

Can I insure goods that don't transit through Singapore?

Yes, that is perfectly acceptable.

Marine Cargo Insurance can be purchased for:

Option 1: Goods shipped from foreign countries into Singapore
Option 2: Goods shipped from Singapore to foreign countries
Option 3: Goods that don’t transit through Singapore. For instance, goods from shipping from Hong Kong to another country, without passing through Singapore.

What's the difference between single-shipment cover, and annual cover?

Marine Cargo policies come in either single-shipment cover, or annual cover options.

Single-shipment cover: This policy will provide coverage for one shipment, from Point A to B. If you ship infrequently (perhaps 1x or 2x a year), then this policy will be fine for you.

Annual cover (unlimited shipments): An annual policy (also known as “Open Cover”) provides coverage for unlimited shipments per year. If you ship goods regularly, then this policy will be the best choice for you.

Do I need Marine Cargo Insurance?

This insurance is important as long as you ship goods, whether you transport them via sea, air, or land. The only business that doesn’t need Marine Cargo Insurance is the business that’s OK with paying 100% of the replacement cost if their shipped goods get damaged or lost along the way (and no business would rationally risk this).

The following businesses will carry Marine Cargo Insurance (often an annual policy) as an industry standard practice:

Importers / Exporters
Logistics companies
Moving companies
Freight forwarders
Manufacturers who source goods or deliver goods internationally

How much does Marine Cargo Insurance cost in Singapore?

Premiums start from $10/shipment, or 0.3% of your shipment value, whichever is lower. We work with large insurers who have the financial ability to offer you lower rates.

Here are the key factors that affect the premium:

Dollar amount of goods to be shipped
Shipping distance
Type of cargo: e.g. perishable goods vs durable goods

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.