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Marine cargo insurance

Marine cargo insurance

Our Marine division operating through our binders at Lloyd’s, provides the full Spectrum of Services to both our retail and wholesale clients. Marine policies can cover goods, freight and other interest against loss or damage to goods whilst being transported by rail, road, sea and air.

Different clauses are available depending on the type of Coverage required ranging from ALL RISKS cover to a restricted Total loss only cover.

Transportation of goods is classified into three categories.

  1. Inland Transport
  2. Import
  3. Export

Various policies can be offered as follows:

  • Specific Voyage – to Cover only a specific single trip. The cover ends when goods reach destination.
  • Open Cover Policy – An open cover policy is an agreement whereby the insurer will accept insurance of all shipments made by the assured, whithin the terms of the cover for a fixed period. As the above is not a policy Certificates of Insurance are issued against the declaration made by the assured.

The open cover is of great convenience to the client engaged in regular import/export trade.

Who Can Take The Policy?

The contract of sale determines who buys the policy.

The most common contracts are:

  • FOB (Free on Board)
  • C&F (Cost and Freight)
  • CIF (Cost, Insurance and Freight)

In FOB and C&F the seller is responsible to buy insurance. In CIF, the seller is responsible for insurance.

Select the Sum Insured

Usually 10-15 % in addition to the contract value should determine the sum insured.

How to claim

When there is a claim you should:

  1. Take steps to minimise loss
  2. Lodge monetary claim against carrier
  3. Inform the company or agent
  4. Submit the following original documents:
      • B/L
      • Packing list
      • Correspondence with Carrier
      • Copy of notice served on carriers along with aknowledgment/receipt
      • Survey Fee from a surveyor appointed by the Insurance Company.