Marine Insurance, also known as Transit Insurance, provides cover for cargo/goods in transit, pleasure craft, commercial vessels and marine liabilities. It provides cover for goods being transported within Australia or imports/exports to and from overseas countries. This cover not only protects the stock whilst in transit either to or from Australia, and from time of collection until it is delivered, it also protects you from a potential liability claim in the event the cargo, not belonging to you, and even the ship itself, is lost or damaged at sea.
Cover can be arranged for transport and freight companies that move or arrange to move the goods, or for purchasers or sellers of the goods being transported. Transit may be by road/rail/air or sea.
It makes a lot more sense to organise cover on a FOB (Freight on Board) basis as in the event of a claim, it is much easier to obtain settlement with a local insurer rather than rely upon your supplier’s insurer who is based overseas.
Your insurance policy will generally be an annual contract, however one-off moves of goods – such as household removals – can also be insured.
Contact us now on 03 9686 0688 to hear how you can benefit from Marine Insurance.