Marine Insurance | Marine Cargo Insurance

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Most marine cargo insurance protects goods in transit from the time they leave the shipper's warehouse until they reach the consignee's warehouse, as long as they are not taken out of the normal course of transit by the insured. However, there are circumstances when:

• The terms of purchase or sale determine when insurance is in effect.
• Insurance may not go into effect until the goods are placed on the conveyance.
• Insurance may cease when the goods are discharged from the conveyance or when the conveyance arrives at the port.

In addition, insurance is not in effect if the goods do not travel via common carrier, i.e., they are picked up or delivered by the shipper or consignee.

There are two types of marine insurance policy:

Facultative policy (also known as "one-off")

A facultative policy covers a single shipment. Every risk is discussed separately and a premium agreed upon. This approach is time-consuming and would become very tedious for the exporter who regularly enters into export transactions.

Open policy

Under an open policy, all export shipments, within the scope of the insurance, are automatically insured. Details of a particular shipment must, however, be declared when they become known. It frequently happens that a transit commences before the exporter and/or the consignee becomes aware of it and, in such a case, the open policy provides automatic protection. The cover for each individual shipment insured under an open policy is evidenced by the issue of insurance certificate.