An Explanation for Marine Insurance
First things first. Marine insurance is not just for boats! Marine insurance should probably be called transit insurance because it involves the safe passage of goods.
As you know, many businesses rely on the safe passage or transit of goods of every description - regardless of the method of transportation, be it road, rail, plane or by sea - every day.
No matter what business you are in, it is likely you will be sending or receiving goods as part of your supply chain or business process. Mostly these goods arrive in tact however if the unexpected does occur, marine insurance cover is a cost effective method of protection from financial loss.
What is Marine Insurance?
Marine Insurance is different from the insurance of stationary, land based assets and liabilities. The language used reflects the special circumstances of losses and the legal principles of domestic and international law as well as the Commonwealth Marine Insurance Act 1906. Austral’s marine insurance specialists are familiar with the complexities of marine terminology and its many terms and clauses.
There are several types of marine insurance to suit all risks of transportation as well as the storage of goods in transit.
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 – sea, rail, road or air - and while in storage anywhere in the world between the points of origin and final destination.
A marine cargo policy is usually an annual policy tailored to suit the shipper’s needs. They range from basic protection against loss of goods through to more comprehensive policies which protect against loss of sales and provide for goods to be shipped as replacements. Marine cargo insurance can also be taken out on a shipment-by-shipment basis.
Protecting your assets while in transit is important, whether you are importing raw materials, spare parts or stock or sending finished or customer’s goods, marine insurance will give you peace of mind and certainty in the event of loss in transit.
Austral’s marine insurance experts can guide and advise you on the most cost effective cover that best suits your business's needs.