So you are involved in importing and exporting merchandise around the world. Lots of money is being spent to plan, produce, pack and dispatch your valuable cargo. You took good care of your merchandise and unfortunately third parties did not share your carefulness and your cargo arrived, wet, damaged, pilfered or not at all. Where do you get regress? All carriers, cartage companies and freight forwarders have limited liability and they will refer to their standard conditions of carriage. Basically you can only enforce a minimum of compensation and than only if you can proof negligence. There is a good reason for the limitations and this can be explained in a different forum!
Do you wish to go through a lengthy process of legal arguments or is your transport dollar better spent on insuring your cargo which will indemnify you for any potential loss!
So.. What is Marine 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. Thats simple !
What do I have to do..
Depending on the size of your business, you can sign an annual Marine Insurance Cover Note with your insurance broker or better you call ICE, as we have direct access to wholesale premiums and we only engaged in Marine Insurance! Annual premiums are charged on an estimated turnover!
If you are medium or small shipper, a cover note shipment per shipment may be more economical and you will be able to proportion this cost directly to the cost of the merchandise. You are not paying the premium from out of your profit!
What does it cost me..
Depends on the risk and Class (i.e. Institute Cargo Clauses “C,B,A”)
Without going into the details you can safely assume your premium will be between A$0.03 to A$0.04 in the dollar. Please call ICE for a specific proposal!
Why get ICE to look after your Marine Insurance
· We give you direction & control
· We will save you valuable time
· We assist in managing your risks
· We stop you from making expensive mistakes and
o Give you peace of mind and
o Protect your business