As an industry, Australia’s import and export market has increased significantly over the past few decades and looks set for further growth in the near future. With this significant growth in transit, the importance of and need for Marine Cargo Insurance could not be greater.
What is Marine Cargo Insurance?
Marine Cargo Insurance covers the risks of loss or damage to goods and merchandise while in transit by any method of transport including sea, rail, road or air, and while in storage anywhere between the points of origin and final destination.
Marine Cargo Insurance can help your company survive the unexpected, with minimum losses.
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The Importance of Marine Cargo Insurance
Many Australian businesses are becoming increasingly dependant upon global trade and extended supply chains. As such, marine and logistics risks can be complex and diverse. In a changing and seemingly more hazardous world, you need to better understand the risks that you face.
What Risks May a Marine Cargo Insurance Policy Cover?
Every business is different and the risks that this sector is exposed to are varied and exhaustive. Due to the sophisticated nature of marine coverage, it can be difficult to find the correct policy and as a consequence, many businesses find themselves underinsured.
From loading to transportation and unloading, businesses involved in the transportation of goods nationally and internationally are exposed to a varied and diverse set of risks, unique to the nature of the work.
- Vehicle Collision: In the event of a vehicle collision during transportation, the cargo is likely to be seriously damaged or completely lost, resulting in significant replacement costs for the business.
- Staff Injury: The nature in of work in the goods transportation industry leaves employees open to injury in a variety of ways. Falls from vehicles, and moving heavy objects or objects that are difficult to grasp can all result in serious injury to an employee.
- Load Securing: In the event that a load is not secured properly, serious damage could be caused to the cargo, during transit. Furthermore, the process of loading and unloading can result in injury to employees.
- Fire: Fires can easily be sparked in vehicles, particularly during refuelling, which can result in injury to the driver and severe damage to the vehicle and its cargo.
- Theft: Theft of Cargo or is an ever-increasing problem in the transportation industry. It’s estimated that cargo theft costs shippers and trucking companies up to $30 billion a year.
Every business is different, but there are several hazards that are common to transporting goods, for example:
As a business owner, the continuing success of your business is dependant upon your ability to manage, mitigate and transfer risks.
What Are the Key Things That May Be Covered By a Marine Insurance Policy?
Coverage will differ from policy to policy, but below is an outline of the features commonly covered by Marine Cargo insurance:
- Broadform Liability Insurance: Broadform Liability usually covers both Public Liability Insurance and Product Liability Insurance.
- Management Liability Insurance: Management Liability Insurance protects directors and officers and the company itself from the many exposures relating to the management of a company.
- Commercial Motor Insurance: Protecting company vehicles against any financial losses related to owning and operating them.
- Business Interruption Insurance: Covering you for loss of profits while your business is out of action. It is designed to protect your business for loss of income or expenditures sustained as a result of direct loss, damage, or destruction to your insured property.
- Computer and Electrical Equipment Insurance: Covering your computer and electronic equipment insurance needs in the event of damage or necessary replacement.
- Annual Cargo Insurance: Annual marine cargo premium is based on the value of all shipments that the insured is responsible to insure. It is the simplest and most convenient way to cover the insured’s import and export risks.
Who Needs Marine Cargo Insurance?
Whether you are a transport and logistics business who focuses on sending goods from A to B or a smaller retailer sending a one off shipment, Marine Cargo insurance is vital for safeguarding goods in transit.
Don’t risk doing it yourself, or letting a freight forwarder organise transit insurance for you, because they’re not licensed to and they probably don’t have the legal or technical qualifications to advise you on how best to arrange your transit and cargo insurance.
- Import: Importing businesses should have insurance in place to cover their goods for loss or damage throughout their entire journey. Don’t rely on the exporter at the other end to arrange transit insurance on your behalf; instead you should protect your investment with your own comprehensive cover.
- Export: If your goods are damaged or destroyed on arrival at their destination, the importer may not be obliged to pay for them, despite any terms of a letter of credit or credit guarantee. Don’t let a freight forwarder organise transit insurance for you; speak to an insurance broker and find a policy that fully covers you so you don’t end up out of pocket.
How PSC Direct works for you
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on business insurance, professional indemnity insurance, and professional indemnity insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.