Marine insurance is a type of insurance that covers the loss or damage of cargo while on the water as well as during transport to and from the port terminals.
As you'll read later on there are two types of policies and your coverage will be based upon which policy you purchase.
However, your marine insurance policy will cover your vehicle, household goods, or cargo during transport to the port terminal, while it is on the water and upon arrival at the receiving terminal. The insurance will cover damage, loss, fire and breakages depending upon whether you elect all risk insurance or total loss.
Different Types of Marine Insurance policies
However, in order offer opportunity to our customers towards savings out of self-packing, we have our crew peek into customer-packed boxes to inspect quality of packing and if they deem that fit for International shipment we seal them and offer the full coverage. This way it’s a win-win proposition for our customers.
This type of policy covers damage and breakages that may occur starting from the day of packing/loading, through transit and delivery to final destination.
The policy is valid until the 45th day after your cargo's arrival at the destination port. Think of this coverage as the Rolls Royce of marine insurance coverage.
It guarantees that the insurance company will replace any article that is lost or damaged beyond repair with either a like item or a cash settlement. Any cash settlements made will be in the amount of the current market value of the item(s).
For rates, there are three options (unless quoted differently):
1. @ $0 deductible 4.0% premium of the declared replacement value in Destination Country.
2. @ $250 deductible 3.5% premium of the declared replacement value in Destination Country.
3. @ $500 deductible 3.0% premium of the declared replacement value in Destination Country.
Remember this when filling out itemized list of items:
• All values need to reflect the replacement cost in your Destination country & NOT the Origin Country. What does this mean? This means that the reimbursement amount will cover you for full purchasing price of that item in your Destination country. For example, a 46” TV could cost $600 in USA but similar TV may cost $1100 or more in Australia therefore you will not suffer a shortfall if there damage to the TV.
• Marine Insurance does not allow selective coverage which means each item in the shipment needs to be accounted for and values need to be provided.
• Always insure goods to close to their true value in the Destination Country that you can Estimate. If any of the items are insured for lesser amount to save on the premium cost, the Co-Insurance clause kicks in, which will affect reimbursement value for the entire shipment thereby downgrading high-value items as well. For more information, please read Terms & Conditions of the policy provided to you.
TOTAL LOSS POLICY
Total loss marine insurance is available to all shipments. This is a NO DEDUCTIBLE coverage for loss and/or damage only when loss/damage is a direct result of fire, theft, sinking, explosion on the vessel etc. and a total value must be placed on the shipments for coverage purposes.
This coverage is good for shipments with non-breakable items and do not carry much monetary value.
There is only one rate (unless quoted differently):
1. @ $0 deductible 2.25% premium of the declared value.
Like the insurance your accustomed too, the better the coverage the higher the premium. For all risk, you pay a higher premium.
The % rate will vary depending on the deductible you choose. Usually the higher the deductible, the lower the premium. Ask your salesperson to explain all options at the time of booking.
Although we take every precaution and have over 10 years experience in the shipping industry some things can and do happen from time to time.
Remember............the man who built the titanic said it would never sink!
Marine insurance is important for the worst case scenario. It gives clients peace of mind during the process so there is one less thing to worry about.
If you load your car with personal effects we ask that you provide an inventory of these items so that we can declare them on the load plan and your bill of lading. These items can be insured as total loss only.
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