Everyone in the logistics supply chain needs insurance, especially the cargo owner. While each of the entities in a supply chain may have insurance, chances are that the cargo is not covered.
Cargo insurance does not only cover sea-borne risks, but it also covers both domestic and international transport by any means. It protects against physical loss and or damage to cargo.
In partnership with Marsh Marine (Pty) Ltd, we understand that Marine Insurance is essential to all Logistics requirements. In this regard, highly qualified persons ensure that our clients receive the best possible advice, service, and rates.
Premiums are charged on a per-shipment basis, allowing for easy and accurate costings.
Did you know?
Cargo Insurance was realised as the earliest form of well–developed insurance, originating from the Greek and Roman concept of the Marine loan. The marine loan was the oldest risk-hedging instrument used to mitigate risks during medieval times.
Why purchase Cargo Insurance
- Accidents happen all the time – Whilst technology may be developing at a rapid rate daily, transport, cargo handling, warehousing, or any service that forms part of the freight logistics chain is the riskiest part of the carriage. From theft to damage from accidents to damage due to the elements, accidents happen daily. In this regard, marine insurance is an irreplaceable tool for controlling perils.
- Value of the Claim – Carriers will almost always have limited liability in terms of their insurance; you can take out insurance for the value of the goods and freight charges.
- General Average is covered under a marine policy
- A marine insurance policy can be tailored to suit the insured’s needs, from open to once-off to hybrid-style policies.
Principles of Cargo Insurance
The Basic Principles of Cargo Insurance are:
- Utmost good faith
- Insurable interest
- Proximate cause
General Policy Exclusions
Some General Policy Exclusions on a marine cargo policy are:
- Loss and or damage from deliberate or wilful misconduct
- Ordinary leaks, wear and tear
- Losses caused by delay
- Insufficient packing