The risks associated with having goods in transit requires specialist attention and coverage.
That's why at Coverforce, our experienced insurance brokers and in-house claims team will work hard to deliver personalised risk advice and provide a robust, cost effective Cargo and Transit Insurance policy to meet your specific needs.
What is Cargo and Transit Insurance?
Cargo and Transit Insurance (also referred to as Marine Cargo Insurance and Shipping Insurance) targets marine cargo risks by providing cover for incidents such as delayed shipment costs, non-delivery by a carrier or loss of your goods while in transit.
Do I need Cargo and Transit Insurance?
There are a number of complex and specific risks associated with the Cargo and Shipping Industry. These can include:
- Financial loss associated with the loss of goods
- The risks associated with General Average (a Marine Principal that dictates that loss or damage to a ship or its cargo is shared among the Shipowners and Cargo owners)
- Acts of Piracy, theft and pilferage
- Malicious damage by Masters, officers or Crew of a vessel
- The risks associated with Transhipment risks (the moving of goods from one conveyance to another).
What does this Insurance cover?
Coverforce can assist with the placement of top quality Cargo and Transit insurance including;
- Specific extensions for insolvency or otherwise non-delivery by the carrier/transporter
- Coverage for Transhipment and Delayed shipment costs
- A market leading policy wording, including: extended storage conditions, over carriage conditions, full coverage for General Average conditions
- Extensions available for General property and Tools of Trade
- Delay in Start-up as a result of non-delivery, Consequential Losses and Liquidated Damages are also options which can be considered for inclusion
- Coverforce also have a bespoke Stock Throughput policy, an ideal form of cover for manufacturing businesses, retailing businesses and companies with multiple locations.