Marine Cargo Insurance
Marine cargo insurance provides protection of goods from physical loss and/or damage when they are imported to or exported to and from Australia. The insurance can also be conveniently extended to cover inland transit under the same policy.
Marine Cargo Insurance can be complex. We understand that it can be difficult to choose the right policy that best meets your needs. Working with a specialist marine cargo insurer like Panoptic Underwriting Agency can help make the process much smoother.
You need the right marine cargo insurance policy for your commodity, voyage and conditions. A good marine cargo insurance policy will give you the following benefits:
- Provide cover if goods go missing
- Provide cover if goods get damaged in transit
- Protect you from losses so that you are not out-of-pocket
- Reduce your risk and provide you with peace of mind knowing you and your goods are protected
THREE TYPES OF CARGO POLICY:
1. Open or annual cover (mainly for regular shippers such as importers / exporters)
Open or annual cover is the most common form of cargo insurance, most often used by regular shippers of goods such as importers and exporters. This includes freight forwarding agents, where a policy is issued to cover a number of consignments being shipped to and from various ports and destinations throughout the year.
A marine cargo open policy is an agreement between a merchant and the insurer to ensure all goods in transit fall within that agreement for an indefinite period, until the agreement is cancelled by either party. The policy specifies:
- The general description of the goods
- The countries or places the goods to be insured will travel to or from
- The maximum value payable under the policy
- How the goods will be valued
- The conditions of insurance
2. Single Cargo Shipments (for One-Off Shipments)
Voyage specific policy is the next most common form of marine cargo insurance, mainly taken out by individuals and/or small businesses for one-off shipments of cargo.
The cargo is priced as a one-off shipment and covered as one consignment from a particular destination to another. The cover usually commences at the point of departure and ceases upon arrival at the final destination which may be a port or the customer’s premises often referred to as ‘warehouse to warehouse’.
This type of cover is also sometimes referred to as a ‘voyage policy’ as the insurance covers only the specific shipment/voyage.
3. Stock Throughput
Stock throughput insurance insures your stock and exposure to risk in transit from raw material to final product within a single policy (commonly known as stock throughtput). Panoptic Underwriting Agency will ensure seamless coverage on a global basis with the right stock throughput policy, while also helping to save you money by simplifying the administration requirements.
As a specialist underwriting agency we understand that each industry has a unique set of issues and associated risks. We work closely with Brokers to develop and provide cost effective solutions tailored around these needs.
Stock throughput insurance is a complex area. It can be difficult to choose the right policy that meets yours needs. Working with a specialist underwriting agency like Panoptic can simplify the process, as we work with you to tailor the right policy for your customers.
An excellent stock throughput insurance policy will give you the following benefits:
- Provide you cover for all of your business transit and static stock requirements
- Complete end-to-end voyage cover from imports, right through to final customer delivery all under one insurance policy.
- A single policy and simplified premium basis reduces administration requirements with no time consuming declarations to submit
- Significant reduction in risk as gaps in cover are significantly reduced or eliminated
- Stock can be valued on a selling price basis, thereby including the profit element and potentially reducing the need for business interruption coverage
- Can include coverage at third party locations
- Applies to any type of cargo/stock
- Earthquake, flood and windstorm locations possible
- Eliminates the need to have a separate marine cargo insurance policy
- Ultimately reduces your risk and provides you with peace of mind