This is the most common form of marine insurance, covering loss or damage to goods while in transit by sea and also often extending to include air, road, or rail transport connected to the marine journey. Coverage can vary from “All Risks” to more limited forms, such as “With Average” (WA), which usually covers specific listed perils.
Marine cargo insurance offers essential protection for businesses involved in international shipping. This insurance provides peace of mind to exporters, importers, and freight forwarders, ensuring their valuable cargo remains covered throughout the journey. Without a marine cargo insurance policy, even a minor mishap could result in significant financial loss. Understanding several policies and coverage options helps businesses choose the right plan tailored to their needs. A well-chosen policy can be the difference between financial stability and unexpected setbacks.
- Voyage Policy covers a specific sea journey from one port to another. It’s ideal for businesses that occasionally ship goods and need coverage only for particular shipments.
- Open Cover: This type of insurance automatically covers all shipments over a period, with terms pre-agreed between the insurer and the insured. It’s convenient for large exporters or importers with frequent shipments.
