What is Marine Transit Insurance?
Marine Transit Insurance covers your goods against loss or damage while they are being moved and for temporary storage whilst in transit. Despite the name “Marine” Transit, cover extends to a wide range of transits including road, rail, air, sea and even by registered post for imports, exports and local transportation.
Who should consider it?
Any business that sells, manufactures, distributes, imports or exports any physical goods or products should consider such a policy. What would the cost be if you lost a particular shipment of your goods?
Goods are damaged, lost or stolen in transit every day so it is vital that you are appropriately insured by marine transit insurance. The purpose of the policy is to repay you for the full dollar value of your shipment if the goods you are moving are damaged, lost or stolen in transit by air, sea or land.
Carriers will not accept liability for loss or damage to goods they are transporting for you and any insurance that may be provided by such logistics companies will be very basic. The cost to purchase adequate protection will likely be less than you think.
Did you know:
Based on the most recent survey results, WSC estimates that for the
combined nine-year period from 2008 to 2016, on average, there were
568 containers lost at sea each year, not counting catastrophic events,
and 1,582 containers lost at sea each year including catastrophic events.
What can it cover:
- Single transits or annual risks
- Accidental damage or defined perils cover
- Stock transfers and return goods
- Incidental storage during the ordinary course of transit
- Temperature controlled goods
- Theft, pilferage & non-delivery
- Malicious damage
- Shipping containers
- Travellers samples
- Tools of trade
- Shipping companies can go bust leaving your cargo in limbo
- Goods overboard (this happens more than you think!)
- Ship sinking or vehicle overturning
What isn’t covered:
Generally, the following types of goods will not be covered by a standard Marine Transit policy:
- Household furniture and personal effects
- Works of art or antiques
- Precious metals and stones, money, bullion and the like
- Explosive goods
The goods you are moving will need to be noted on your policy, especially the following types:
- Frozen &/or chilled foods
- Cigarettes or tobacco products
- Live plants
- Bulk cargo
Other general exclusions include:
Ordinary wear & tear or natural depreciation
Mechanical breakdown where there is no external evidence of damage
Unexplained loss or mysterious disappearance
Other exclusions will apply and you should review any quote received carefully and consider the policy wording for all policy terms, conditions, exclusions and limitations.