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Marine Cargo Insurance

Marine cargo insurance policies compensate shippers in the event that the insured goods suffer covered physical loss or damage while in transit. Coverage can also be extended to include inland transit and storage, if necessary.

Typical level of coverage will be so-called “All Risks”, covering all risks of physical loss or damage from any external cause, except those that are specifically excluded under the individual policy conditions. We can also arrange broader insuring conditions as well as less broad coverage, depending upon the individual client’s requirements.
Coverage can be arranged for one shipment or on an annual open policy basis.

Insurance costs vary according to the type of coverage, the dollar limitation of coverage, extent of coverage, the risks specified, the risks excluded, and any additional coverage requested by the client.
We do not sell one-size-fits-all policies. Every policy is geared toward the individual clients needs. Our goal is to match the policy insuring conditions to your specific needs. We want to avoid selling you too much insurance or too little insurance.

Here is a sample of the sort of information we will request prior to negotiating an offer for your cargo insurance:

Transit Risks

  • Brief description of your operations (including manufacturing etc. where applicable)
  • Estimated total gross annual sales and estimate for coming year
  • Estimated annual value of shipments where your company is required to provide cargo insurance
  • Estimated annual value of shipments where your company is not required to provide cargo insurance
  • Estimated maximum and average values at risk each shipment (per vessel)
  • Brief description of goods/commodities to be insured
  • Typical loading ports and discharge ports.
  • Where does your responsibility for shipments commence and cease?
  • Do you use your own vehicles/vessels or common carriers? If both, please provide split for each

Storage (i.e. stock/inventory)

Details of all Stock (i.e. Inventory) Exposures including:

  • Total monthly maximum value at risk. Include Basis of Valuation used:
  • Total monthly average value at risk. Include Basis of Valuation used:
  • Maximum value at any one location at any one time:
  • Average value at any one location at any one time:
  • Brief details of number, situation and type of location at risk:

General (applicable to both sections)

Cargo insurance Premium/Loss Statistics for the past 3 years (or 5 years if possible).

If you have any questions, or, if you would be interested in receiving a quotation for your insurance,
please contact us at info@coastalstatesinsurance.com or
call us at +1 (850) 233-9060.