For shippers and logistics service providers, marine insurance is one of the most important insurances. It covers losses or damage on the hull, cargo, as well as passengers. Especially with an increase in cargo theft, it is now more necessary than ever to buy marine insurance to avoid the loss of millions of dollars.

Moreover, a pirate attack is also an alarming issue that many shippers face. In fact, the last few years have seen an increase in pirate attacks compared to previous years. In the world of business, it is crucial that you are always prepared to face any disaster, whether it is in the form of cargo theft, pirate attack or disasters such as storms and shipwreck.

As one of the most trusted insurance brokers for regional businesses in Australia, we, at Regional Insurance Professionals provide all kinds of marine insurance including hull insurance, marine cargo insurance, sea freight insurance, and shipping container insurance.

Below, we explain the different ocean marine insurance policies we provide and how you can benefit from each of them:

Hull and machinery insurance

Hull and machinery insurance is designed to cover a wide variety of loss and damage including damages caused to the hull of the ship, machinery and other equipment on the vessel, costs for collision attacks and defence, legal and labour costs, dry-docking expenses and more. It is to be noted that hull and machinery insurance is not limited to these risks. Hull insurance is one of the most common marine insurances for all operational vessels. Essentially, all kinds of physical damages to the vessel while at sea is covered by hull and machinery insurance.

Marine cargo insurance

Marine cargo insurance is designed to cover loss or damage of the goods being shipped, also known as cargo. It is to be insured by the owner of the goods, and if any damage or loss is incurred, then the owner should be compensated for the loss/damage from the insurance company. Cargo insurance also provides significant cost advantages and opportunities. Marine cargo insurance is also referred to as marine transit insurance because it protects cargo while they are in transit.

Sea freight insurance

In simple terms, freight refers to the amount of money paid to the ship’s owner so that it can be used to transfer goods from port to port. Payments regarding freights are either made before the transportation of goods or after the ship safely reaches its destination port and goods are transported. Sea freight insurance provides coverage for the protection of merchant vessels’ companies, preventing loss of huge amounts of money in the form of freights due to unseen events.

Shipping container insurance

Shipping container insurance protects each item inside the shipping container to its full value. Each item is insured, so, even if any damage is caused, it’s designed to compensate you for the full value, whether it is a domestic or an international shipment. Each item inside the shipping container is protected from all kinds of risks until it reaches its destination.

Get in touch with us today to get a marine insurance quote.

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