Marine Cargo may be separated into Conventional Cargo and Specialised Cargo.
Conventional Cargo includes:
- combined cargo, import/export and within Australia
- annual import/export, and
- single transit risks.
Specialised Cargo can also include:
- fruit and vegetables
- bulk commodities
- cargo loss of profits, and
- project cargo
Marine Cargo insurance will cover you for loss or damage to goods in transit either within Australia or imports/exports to and from Australia or a combination of all three.
Based on the Institute of London Underwriters’ wordings for road, air and sea travel, local insurer Marine Cargo insurance products can be arranged and placed on an “all risks” or restricted cover basis.
There are three types of marine cargo insurance coverage available:
Institute Cargo Clause (A) covers all risks of loss or damage to cargo except those excluded by the standard exclusions, such as delay, ordinary loss in weight or volume, ordinary wear and tear, insufficient and unsuitable packing and inherent vice.
Institute Cargo Clauses (B) and (C) provide less comprehensive cover.
MARINE CARGO (IMPORT/EXPORT) & MARINE INLAND TRANSIT INSURANCE
Annual Marine Cargo Insurance – Imports/Exports
Cover for commercial goods being imported or exported to or from Australia. Convenient insurance of all shipments where the insured’s risk attaches during the policy period. Premium is by deposit, adjustable on actual declared value of annual shipments. Best suited to insurance of imports but can apply to exports.
Marine Single Transit Insurance
Insurance for a single sending of goods (other than home removals), or livestock, with a choice of a number of standard cover options. Individual terms and conditions may be arranged for sendings not catered for by standards covers.
Marine Inland Transit Open Cover Insurance
Automatic insurance of goods, with monthly declarations of sendings and no deposit premium required.
Marine Goods in Transit Insurance
Annual insurance of all transit of goods or livestock which commence during the policy period. Premium by deposit, adjustable on declared value of annual sendings. Two cover options, and a very wide transit clause, plus valuable free cover benefits.
Marine Goods in Transit (Own Vehicles) Insurance
A simple and inexpensive annual cover for losses occurring to goods carried in any vehicle owned and/or operated by the Insured. This complements the cover provided by motor insurance on the vehicle. Flat premium on sum insured per vehicle, without the need to record and declare the value of goods carried.
Marine Specified Items in Transit Insurance
Annual cover for losses occurring during transit of any specified items likely to be regularly transported by registered road vehicles, including trailers. Simple and affordable insurance against major transit risks for all kinds of items, from tools of trade, computers and musical or other equipment, to boats or racing cars.
Marine Carriers Cargo Liability Insurance
Insures the liability of carriers for loss of or damage to goods carried and resulting liability for delay, loss of market or consequential loss. Includes approved legal costs. Available only to carriers using approved conditions of carriage.
Marine Carriers Goods in Transit Insurance
A flexible insurance cover for customer’s goods in transit, allowing the carrier to arrange compensation for goods lost or damaged irrespective of legal liability.