Does your business involve transporting your goods or someone else’s products? Are you shipping your products to your customers in Australia or worldwide? Do you import or export goods? If your answer to these questions is 'yes', you certainly need Marine Insurance.
In this post, Ensura, your trusted company for business insurance in Australia, shares what you need to understand about Marine Cargo or Inland Transit insurance:
The Marine Cargo Insurance, also known as the Inland Transit insurance, is a policy that could cover goods that are transported by water. Marine Cargo Insurance could protect goods against losses and damage when transported by water.
This form of marine insurance could cover shipments of your goods as they are being transported within Australia. It may also cover loss or any damage to your belongings due to accidents or natural disasters. This type of marine insurance may be seen frequently in industries where you move large items like your own machinery from one site to another or in situations where you are transporting your own grain, hay, or livestock from your farm to a sale yard. You may have the option of covering accidental damage as part of your policy, depending on the type of cargo.
Most marine insurance policies are designed to cover shipments against the following:
- Loss or damage to your shipment
- Loss or damage to the means of transport
- Loss or damage to assets stored on the means of transport
- Loss or damage caused by an explosion
There are some significant differences between marine insurance and typical business insurance. Firstly, business insurance covers your business and its people, whereas marine cargo insurance protects your goods against damage and loss during transport.
Secondly, the terms of business insurance are not the same as those of marine cargo insurance. For example, the terms of marine cargo insurance may limit the amount you can claim to the value of the goods during the time of loss and damage.
Business insurance can be set up to cover various things, but marine cargo insurance is only designed to protect your goods during transport and cannot be used to cover other things.
The Marine Cargo Policy or Inland Transit Policy is usually required by businesses in the following industries:
- Import/export businesses
- Transport companies and freight haulers
- Manufacturers and suppliers
Yes. Most Marine Cargo policies may cover damage caused by the weather and other natural disasters.
The most common reason why a shipping company or an international company chooses to have Marine Cargo Insurance is that they are transporting goods that may be expensive, and they value their goods.
If you import or export, then you should be aware of the following:
- You need to have Marine Cargo Insurance if your goods are being transported by boat.
- You need Marine Cargo Insurance if your goods are being transported in a container.
- You need Marine Cargo Insurance if you are sending your goods to a different country.
Should an accident happen or an incident occur that damages your cargo during the transit period, you could be entitled to a claim for your compensation, depending on the value of your goods and the policies that you have acquired.
Remember that if you are transporting goods for your business, you should acquire Marine Cargo Insurance or Inland Transit Insurance. It could help protect your company’s investment if something happens to your cargo.
Ensura is a trusted company that provides Marine Cargo and Transit Insurance as well as business insurance in Australia. Get in touch with our team today to know more about our insurance solutions!
Disclaimer: As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document. The information contained on this webpage is general only and should not be relied upon as advice. The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific insurance product. It is only intended to provide education about the financial and insurance industry. The views reflected in the commentary are subject to change at any time without notice.
