The cargo and transport industry is a unique and complex sector, and the risks associated with having goods in transit, whether it be by road, air, rail, or road, requires specialist knowledge and cover.
Having the right insurance policy in place can help to target these risks and offer essential protection for businesses engaged in importing, exporting, distribution, or domestic transportation.
What is Cargo & Transit Insurance?
Cargo and Transit Insurance (also referred to as Marine Cargo Insurance and Shipping Insurance) targets these specific marine cargo risks by providing cover for incidents such as delayed shipment costs, non-delivery by a carrier or loss of your goods while in transit.
Some of the risks the cargo and transportation industry faces include:
- Financial loss associated with the loss of goods
- The risks associated with General Average (a Marine Principal that dictates that loss or damage to a ship or its cargo is shared among the Shipowners and Cargo owners)
- Acts of Piracy, theft and pilferage
- Malicious damage by Masters, officers or Crew of a vessel
- The risks associated with Transhipment risks (the moving of goods from one conveyance to another).
We can assist with the placement of a Cargo & Transit policy including:
- Specific extensions for insolvency or otherwise non-delivery by the carrier/transporter
- Coverage for Transhipment and Delayed shipment costs
- A market leading policy wording, including: extended storage conditions, over carriage conditions, full coverage for General Average conditions
- Extensions available for General property and Tools of Trade
- Delay in Start-up as a result of non-delivery, Consequential Losses and Liquidated Damages are also options which can be considered for inclusion
How Coverforce can help
At Coverforce, we understand the complexities of cargo and transit risks and the impact they can have on your business. Our experienced insurance brokers work closely with you to tailor a comprehensive insurance solution that safeguards your goods at every stage of transit. With access to leading marine cargo insurers and a commitment to minimising risk, we help ensure your shipments stay protected—no matter where they’re headed.
For more information or to speak to one of our brokers about arranging cover, please contact us.
Alternatively, you can simply fill out a Cargo and Transit Insurance Quote form below and one of our insurance brokers will get in touch with you within one business day.
Request a quote
