Provides protection for your legal liability for claims arising out of loss or damage to property carried by you on behalf of others.
Ship Repairers Liability
Liability for injury or damage arising from your activities on private or commercial vessel.
Covers the hiring of ships to conduct your maritime operations
A tailorable package, including liability for vessels in your care, ship repair, pollution, and fuel supply hazards.
A suite of insurance and risk management services designed to provide a complete insurance solution
Why is transporting goods such a risky business?
Marine Cargo Insurance is a vital component of the process of moving goods.
For International shipments, the terms of trade are negotiated between the buyer and seller and specify the basis under which goods are insured and whether the buyer or seller is responsible for them, at any given time.
To provide consistency, International Commercial Terms (INCOTERMS) provide a set of internationally recognised trade definitions.
There are 13 Incoterms, but the most frequently used are
FOB (Free on Board)
The seller is responsible for both the freight and insurance of the goods, until they pass the ships rail at the port of shipment. The buyer then assumes responsibility from this point on.
CFR (Cost and Freight)
The seller is responsible for the freight costs, but the responsibility for insurance transfers to the buyer, when the goods pass the ships rail at the port of shipment.
CIF (Cost Insurance & Freight)
The seller is responsible for freight and insurance for the entire journey, until the goods are delivered.
Although the buyer is not responsible for arranging the insurance, in almost every case, they are left to deal with the claim. Problems often arise, because the buyer is generally making the claim, has to deal with an overseas insurer and has had no involvement in the extent of the coverage or the excess.
If our client is the buyer, we always recommend that they do it on a CFR basis, so that they control the issues and the insurer is located in Australia.
Basis of Valuation
For imports or exports, the basis is commonly cost, insurance and freight, plus 10 – 15%, plus duty.
For inland shipments, the insurers offer widely varying covers, but the process is much simpler.
Basis of Valuation
The basis is commonly, invoice value, plus freight, although different situations occur for second hand equipment and transfers.
Loss, damage or theft of privately operated boats and liability for injury or damage arising from their use.
Marine Hull – Loss, damage or theft of commercially operated boats and liability for injury or damage arising from their use.
Jet Skis – Loss, damage or theft of privately operated jet skis and liability for injury or damage arising from their use.
Sail Craft – Loss, damage or theft of privately operated yachts and liability for injury or damage arising from their use.