Marine Cargo Insurance

For an affordable cost, it provides coverage for all shipments falling within the terms of the policy. In most cases, you enjoy coverage even if you unintentionally fail to report a shipment and/or report shipment values incorrectly.

The standard basis of valuation is invoice cost plus freight plus 10% or 20% in some cases. Most underwriters will allow a higher mark up that could reach 100%.

You need to check both the “Goods Insured” clause and the “Voyage” clause in your policy. Certain goods and certain voyages are excluded.

You still enjoy full cover for that shipment. However, you must report it as soon as you are aware of the error.

As a general rule, it is excluded; however, it depends largely on who did the packing and where it was carried out.

It depends on your business needs. Generally, certificates of insurance are issued for export shipments in order to provide the buyer with proof of insurance. The certificate also provides contact information in the event of a claim. Certificates may also be required for letter of credential purposes.

Many reasons apply:

• It provides evidence of value of the goods
• It identifies the parties to the sale and identifies whether the insured is a party
• It identifies the terms of sale
• It provides a description of the goods as well as the quantity being shipped
• It identifies the price the buyer has paid (or is to pay) for the goods in question
• The invoice price plus freight and charges plus a markup of 10% or 20% is a standard basis of valuation in most cargo policies