INSURANCE FOR BUSINESS | VEHICLE RISKS

Transportation, Cargo and Marine

If your business imports, exports or manufactures goods then you are likely to have the need for a Marine cargo insurance policy. This policy will provide cover against loss or damage to goods whilst being transported worldwide by road, rail, sea or air. It can also cover goods whilst held in storage within the UK.

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Why Choose Us?

Detailed Experience

Over 45 years’ experience arranging this type of cover

Dedicated Claims Team

Helping you in the event of a claim.

Wide Insurance Options

Access to a wide range of insurers.

Gaining Peace of Mind

Any number of things could happen to your goods whilst they are being transported. They could be stolen or destroyed in a collision at sea or on land.

It is important to remember that Hauliers don’t insure your cargo; only their own liability for loss or damage.

In the event that cargo is damaged whilst the haulier is transporting it, and assuming the haulier is negligent the compensation that they pay is controlled by their contract conditions such as the RHA Conditions of Carriage 2009.

This could result in a massive financial burden for your business.

Gaining Peace of Mind

Any number of things could happen to your goods whilst they are being transported. They could be stolen or destroyed in a collision at sea or on land.

It is important to remember that Hauliers don’t insure your cargo; only their own liability for loss or damage.

In the event that cargo is damaged whilst the haulier is transporting it, and assuming the haulier is negligent the compensation that they pay is controlled by their contract conditions such as the RHA Conditions of Carriage 2009.

This could result in a massive financial burden for your business.

Complete Cover For Your Goods Whilst In Transit

Marine cargo goes beyond the cover provided by a typical goods in transit policy and ensures that your goods are protected during loading and unloading, whilst in storage and whilst being transported in the UK or abroad.

Whether your business needs to insure raw materials and components or finished goods, a marine cargo policy can ensure that you are covered properly.

Why buy the Cover?

When importing and exporting goods there is a contractual arrangement between the buyer and seller, known as the ‘Terms of Sale’ and these determine who is responsible for the goods during the transaction. These internationally recognised terms are called ‘ incoterms’ ( International Chamber of Commerce Terms of Sale). Incoterms highlight where responsibility lies for costs, risk and insurance between buyer and seller.

Maintain control of your own insurance. As an example if you imports goods from China, the cost of marine cargo insurance is likely to be included as part of the sales contract. The insurance is then taken out with a Chinese insurer by the supplier. In the event that the goods are damaged en route, then you would have to deal with the Chinese insurer via a UK agent – someone with whom you have no usual contact or relationship. The simpler alternative is for you to arrange your own marine cargo insurance via a UK broker and insurer. The sales contract would be amended to reflect that responsibility for insurance now sits with the buyer. In the event of a claim, the process would be much quicker and easier, and the cost of insurance likely to be more competitive.

Wider Cover than a Goods In Transit Policy. A marine cargo policy will typically cover your goods against a wider range of perils than a goods in transit policy. It may also provide extensions such as control over the disposal of branded goods.

Covers goods worldwide. A goods in transit policy typically covers your goods whilst in transit within the UK. A marine cargo policy can cover transits worldwide via any means of transport, giving true warehouse to warehouse cover.

Haulier’s Liability Insurance may not fully protect your cargo. A haulier will restrict their legal liability for damage caused to goods whilst in their control, with strict limits often stipulated by their trade association. So even if damage is their fault, the compensation will not be sufficient

Goods are protected whilst in Storage. A marine cargo policy can provide cover for  your goods before and after transit whilst being kept in a warehouse or other storage facility

Marine Cargo cover is often a commercial requirement. If your sales are made using a letter of credit, such as when financed by a bank or loan, then t may require proof of marine cargo insurance.

War and Terrorism covers including as standard. Whether under an all risks policy or a more traditional marine cargo policy, war and terrorism cover is usually included as standard, so that your business doesn’t need to purchase separate policies.

 

To discuss any aspect of your insurance requirements with us, please contact us and one of our dedicated Account Executives will be in touch to assist you further.

A UK clothes retailer imported children’s clothing by sea from the Far East. In transit, the ship suffered a collision damaging the retailer’s cargo. It had to be offloaded, temporarily stored and reloaded to complete the journey. The marine cargo policy covered stock damage, plus additional storing and reloading, ensuring minimal interruption and cost to the business.

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R K Henshall & Co Ltd are Independent Intermediaries and are authorised and regulated by the Financial Conduct Authority. Directors: J.R. Henshall B.A.(Hons) ACII Cert CII (FS), A.J.Simpson ACII, T.R.Dredge DIP CII, A.Brown FCCA. Director/Company Secretary R.K. Henshall ACII. Registered No. 1285024

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