Marine Cargo Insurance
Given that 90% of all Australian international trade is carried by sea, marine cargo insurance is one of the most common – and essential – forms of insurance. Without marine insurance, the Australian maritime industry would be fully exposed to risk.
Marine cargo insurance is a class of property insurance that insures property while in transit against loss or damage arising from the dangers associated with the navigation of the sea or air and subsequent land and inland waterways.
While marine insurance policies tend to cover transits by water, air, courier, road and rail, marine cargo insurance policies differ slightly from cargo insurance policies for land transport.
As this is a complex area and we recommend talking to GIBA broker about your marine insurance program to understand how and what is covered.
Why you should consider it.
Marine insurance is important for businesses involved in shipping or receiving goods, operating watercraft commercially, repairing vessels, running a marina and more.
Marine insurance can provide valuable cover on both land and sea for:
- Freight forwarders
- Importers and exporters
- Marina owners
- Mining companies
- Primary producers
- Tourism operators
What can it cover?
There are different types of marine-related insurance policies – the type you choose will vary based on your specific needs.
Depending on the type of policy you choose, marine cargo insurance policies can cover:
- Natural disasters
- Theft and piracy
- sinking or stranding of ships
- fires and explosions
- Damage caused by jettison or discharge of cargo due to distress.
What isn’t covered?
As with any insurance there are limits and exclusions that apply. There may also be a deductible, excess or limits on this type of cover so check with your GIBA insurance broker.
Please talk to us about what may or may not be appropriate for your coverage.