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Cargo Insurance
Cargo Insurance
We provide cover for a wide variety of cargo in transit by Land, Sea (Containerised, Conventional or Bulk shipments) and Air to and from most countries Worldwide, including cover for incidental extensions such as storage and exhibitions.
The Insured must have "insurable interest" in the cargo at the time of loss to the extent that the Insured will benefit from the safe arrival of the cargo or will suffer loss from it's loss and/or damage.
The obligation to insure is usually determined by the Terms of Sale/Trade (also known as "Incoterms") between the buyer and seller. Insurance coverage is usually based on the U.K. Institute Clauses, and can range from cover against risks like Fire, Collision and Sinking to cover against loss of and/or damage to cargo, eg. theft, water damage, etc.
Examples of Terms of Sale
| Ex Works | The buyer is responsible for the goods from the time it leaves the seller's premises. |
| Free On board (F.O.B.) | The seller is responsible for the goods until they are loaded on board the vessel or aircraft when the buyer assumes responsibility. |
| Cost, Insurance and Freight (C.I.F.) | The seller provides the goods, insurance and transport as a package and arranges insurance for the whole transit. |
Benefits at a glance
Besides providing generally competitive rates, we support our customers with prompt documentation and claims handling backed by an International network of survey agents.
Examples of Coverage under the Institute Cargo Clauses
Institute Cargo Clauses (A)
All Risks of loss of or damage to the subject-matter other than those excluded.
Institute Cargo Clause (B)
Loss or damage to the subject-matter insured reasonably attributable to named risks as follows:
• Fire and Explosion
• Vessel or Craft being stranded, grounded, sunk or capsized
• Overturning or Derailment of Land Conveyance
• Collision or contact of vessel, craft or conveyance with any external object other than water
• Discharge of cargo at a Port of Distress
• General Average sacrifice
• Jettison
• Washing overboard
• Entry of sea, lake or river water into vessel, craft, hold, conveyance, container, lift-van or place of storage
• Total loss of any package lost overboard or dropped whilst loading onto or unloading from vessel or craft
• Earthquake
• Volcanic Eruption or
• Lightning
Institute Cargo Clause (C)
Loss or damage to the subject-matter insured reasonably attributable to named risks as follows:
• Fire and Explosion
• Vessel or Craft being stranded, grounded, sunk or capsized
• Overturning or Derailment of Land Conveyance
• Collision or contact of vessel, craft or conveyance with any external object other than water
• Discharge of cargo at a Port of Distress
• General Average sacrifice
• Jettison
Act now
Call 6225 6111
