Marine Cargo Insurance

cargo ship Marine cargo insurance provides protection for goods or livestock from physical loss or damage when they are imported to or exported from Australia. The insurance can also be conveniently extended to cover the insureds inland transits under the same policy.

Marine Cargo Insurance is a complex subject. It is difficult to choose the right policy that meets your needs. Working with a specialist Marine Cargo Insurance Broker like Midas Insurance can make that process much smoother, as we will work with you as part of your team to tailor the right policy for your commodity, voyage and conditions.

No One Policy Fits All Getting the Right Marine Cargo Insurance For Your Needs

You need the right Marine Cargo Insurance Policy for your commodity, voyage and conditions. A good marine cargo insurance policy will give you the following benefits:

Provide you cover if your goods go missing
Provide you cover if your goods get damaged in transit
Protect you from losses so that you are not out of pocket
Ultimately reduce your risk and provide you peace of mind

5 Reasons to Choose Midas Insurance as Your Marine Cargo Insurance Broker

It makes good business sense to use a specialist broker such as Midas Insurance when choosing Marine Cargo Insurance. Listed below are 5 main reasons to choose Midas Insurance as your Marine Cargo Insurance Broker:

Midas Insurance is a specialist in the Marine Cargo area, with over 35 years of experience
Midas is a broker not an insurance company. People use brokers because if anything goes wrong you can always go back to the broker to help you
With marine cargo its not one product fits all. Thats why we work with you as your partner to tailor the policy to suit the commodity, the voyage, and the conditions
We work for you the client NOT the insurance company
In the unlikely event that you do need to make a claim we are on your side and will assist you to liaise with the insurer to process your claim in an efficient manner

What this all equates to is reducing your risk when your cargo is in transport.

There are two main types of Cargo insurance available:

Open or Annual Cover (mainly for regular shippers such as Importers/Exporters)

This is the most common form of cargo insurance, most often used by regular shippers of goods such as importers and exporters including freight forwarding agents, where a policy is issued to cover a number of consignments being shipped to and from various ports and destinations throughout the year.

The policy can be either for a specific value that requires renewal once the insured amount is exhausted, or an open policy that will be issued for an agreed period, allowing any number of shipments during that time.

This type of cover is sometimes referred to as an Open or Annual Policy as the insurance cover remains in-force for a stated period of time, usually a 12 month period.

A marine cargo open policy is the agreement between a merchant and the insurance company to insure all goods in transit falling within that agreement for an indefinite period, until the agreement is cancelled by either party. The policy specifies:

The general description of the goods
The countries or places to or from which the goods will be insured
The maximum value payable under the policy
How the goods will be valued
The conditions of insurance.

Single Cargo Shipments (for one-off shipments often referred as Voyage Specific)

This is the next most common form of cargo insurance, mainly taken out by individuals and small businesses for One-Off Shipments of cargo & freight.

This is where the cargo as one-off shipment is priced and covered as one shipment from a particular destination to another the cover usually commences at the point of departure and ceases upon arrival at the cargos destination which could be a port or the customers premises often referred to as Warehouse to Warehouse.

This type of cover is also sometimes referred to as a Voyage Policy as the insurance covers only that specific shipment/voyage.

Getting You the best Underwriters at Highly Competitive Rates

Our staff apart from having a wide knowledge of General Insurance also includes experience in the London Marine Cargo & Hull Insurance Market. Therefore not only have we access to all the leading Australian Insurance Companies but can also facilitate International Insurance Markets, such as Lloyd's of London and the International Underwriting Association of London.

We are thus in a position to obtain the most favourable rates and coverage's for you our clients.

Next Steps

Contact Midas Insurance on 1300 664 272 today to have a member of our expert team assist you to choose the right Marine Cargo Insurance policy that meets your needs.

Alternatively complete the form below and we will contact you to discuss your insurance requirements.