Contrary to the name, marine insurance isn’t limited to the sea, and it’s quite different to our boat, yacht and personal watercraft insurance solutions. Marine insurance covers loss or damage caused to ships, terminals and any transport vessels or cargo by which goods are transferred, obtained or held between the port of origin and the final destination. Your business will need a marine transit insurance solution if you are required under a consignment note to insure goods sold or purchased.
Marine insurance solutions vary and can include businesses like import/export, truck operators, ship repairers and more. Risk management should also form a strong part of your marine insurance solution.
Some of the common policy features include:
Marine cargo insurance covers goods in transit against loss and damages from external causes such as natural disasters, theft and piracy, collision, sinking/stranded ship, fire/explosion or damage caused by jettisoned cargo due to distress.
Marine insurance solutions cover transit by water, air, road and rail, but marine cargo insurance solutions do differ from cargo insurance solutions for land transport, so it’s best to speak to your broker to understand what’s covered and what’s best for your situation.
At Regional Insurance Professionals, we have access to leading marine insurance solutions. Contact us to talk about your business and we can provide a free, no obligation quote.