Marine Transit Insurance

Marine Transit Insurance for your business

Marine Transit for your business

Your business will need a Marine Transit insurance policy if you are required under a consignment note to insure goods sold or purchased.

With businesses becoming increasingly dependent on global trade, Marine Transit insurance will provide you with peace of mind, knowing your business is protected against the loss or damage of the goods you transport.

A Marine Transit insurance policy will protect your business against loss or damage to goods being:

  • Imported and/or exported
  • Transported within Australia

What type of Marine Transit insurance will my business need?

There are a variety of Marine Transit insurance policies which we can specifically tailor according to your business requirements.

These include:

  • Single Transit
  • Annual Marine Cargo
  • Goods in Transit
  • Specified Items in Transit
  • Carriers Cargo Liability
  • Carriers Goods in Transit
  • Marine Liability

Is Marine Transit insurance only for goods sent by sea?

The term ‘Marine Transit’ is used for many different types of shipping / transport methods, for example by ‘Air, Sea, Road and Post’. Goods sent by any of the described methods can be insured against accidental loss or damage. There are many other types of cover available other than just insured damage. For example, a cargo ship on the high seas might experience severe weather conditions, and the captain might choose to offload a few containers at random in order to keep the ship stable.

Doesn’t the freight company cover our goods while in transit?

Generally all freight companies will exclude all responsibility of goods in their possession whilst being transported. A removalist may offer cover for your personal effects, however the cover is generally limited to ‘Fire, Collision & Overturning’ but excludes a number of things such as ‘Accidental Loss or Damage, Theft etc.’

How do insurers calculate the premium?

Insurers offer both Single and Annual Transit policies. The premium is calculated based on the description of goods being transported, the estimated turnover of all sendings, and the limit of any one conveyance.

Does Marine Transit insurance cover all countries?

While most countries and territories worldwide are covered for Imports & Exports, each insurer does have listed within their policy, specific Excluded Countries and Territories. It is important that you discuss these with us as your insurance broker and refer to your policy wordings if there are any countries that you think might be of concern.

To get a quote or discuss your Marine Transit Insurance needs, contact us today. We’re here to help protect what’s important to you.

Published On: May 31st, 2023Categories: Business Insurance

Does your business have the right cover?

Starting a small business in Australia requires careful planning and adherence to legal requirements. For any business insurance needs, speak first to a qualified practicing insurance broker to understand the products that are right for you and your business. Our experts will work with you to ensure your business has the right cover, should the unexpected happen.