MARINE CARGO /TRANSIT INSURANCE COVERS CONSIDERABLY MORE
Marine Cargo does not just relate to sending items by sea. Understand that when you send items or packages across town, Marine Cargo Insurance is the policy you may want to put in place. You may simply send one high value package, stock or item of plant. You may send packages, stock, equipment etc regularly over a year. You may simply have purchased a piece of plant or equipment that is being transported and you want to know that if anything happens, it will be repaired or replaced.
Marine Cargo Insurance provides protection against many risks that may happen to your package(s), equipment or anything else you may either be sending or have purchased that needs to be sent.
Marine Cargo Insurance also extends to provide protection for items either being sent or received from almost anywhere in the world. Overseas shipment Insurance has been arranged for high value projector equipment, mining equipment, through to light globes and contact lenses.
There are two main options regarding Marine Cargo Insurance. You can select an Annual Marine Cargo policy or simply a Single Transit policy. The cover provided by Insurers also varies depending if the transit is within the country or going outside of the country.
Single Transit Marine Cargo
If you have reason to send a package, stock, plant, equipment or anything else to an alternative destination either within Australia or somewhere else, you may want to insure it against potential loss or damage.
With a single transit policy, examples of what is important to know are;
- What is being sent and how (road, rail, sea etc)?
- How and who is doing the packing?
- Where is the item leaving from and intended to arrive at?
- What is being transported
- What is the value of the item?
The above would provide Insurers with the initial information to guage the risk and apply an indicative premium.
Annual Transit Marine Cargo
The alternative to a Single Transit Marine Cargo policy is an Annual Transit Marine Cargo policy. Options again exist regarding cover, depending on the where the item(s) are leaving from and where the destination is.
In addition to the information as noted earlier, there are a couple of extra questions such as;
What is the total estimate value of items to be sent over the year?
What is the maximum value of items any one specific transit?
With both policy types, the cover generally offered for transits within Australia is floor to floor Accidental Damage. As soon as the item(s) are sent outside of Australia, you actually have to select what type of cover you want. The choices are:
Institute Cargo Clause (A)
Institute Cargo Clause (B)
Institute Cargo Clause (C)
The above covers will be further altered and even restricted by the Insurers however, this will be on a case by case basis.
Believe that you may need either a Single or Annual Transit Marine Cargo cover? Complete the ‘Quick Contact’ and let us know what you need covered.