Marine Cargo Insurance Policy, Shipping Insurance Terms & Conditions

At Shipping Insurance  you can get full insurance coverage for your commercial goods, retail merchandise, vehicles, personal items & household goods. Our Marine Cargo Insurance Policy covers ocean cargo, air freight and land shipments. Read shipping insurance terms and conditions to see the benefits of protecting your cargo against risks of losses and damages during international shipping or domestic transport. marine cargo insurance terms conditions


Cargo Insurance Policy | Marine Cargo Insurance |
Shipping Insurance Terms & Conditions
 International Shipping & Domestic Transport Insurance

   Please, open and review the Marine Cargo Insurance Policy (you will need to have a PDF software like Adobe Acrobat Reader or any other PDF reader).

Here's what's covered in Marine Cargo Insurance Policy:
1. Terms & Conditions of Ocean Marine Insurance & Inland Marine Insurance -
    pages 1-14.
2. Conditions for Domestic Transport Insurance - pages 15-16.
3. AIMU S.R. & C.C. Endorsement - pages 17-18.
4. Commodities List - pages 19-23.
5. Special Insuring Conditions for household goods and vehicles - page 24.
6. War Risk Policy - pages 25-27.

We realize it's a lot of information to absorb so here's a quick GUIDELINE on most important parts of the Policy.

INSURABLE INTEREST: You must have an interest in cargo meaning that you must be either owner, seller / buyer, shipper / receiver of the goods in transit. Instructions to insure the shipment must be done prior to shipment departure or prior to any known or reported loss or incident.
SHORE COVERAGE: Your cargo is insured while it's on land (at the pier, dock, wharf, etc.) waiting to be loaded on ocean vessel or aircraft.
CONTAINER SHIPMENTS: Goods and merchandise shipped in containers, or flat racks, or trailers is insured subject to UNDER DECK terms. It doesn't matter if such goods are stowed under- and/or on-deck as long as the carrier issues an UNDER-DECK Bill of Lading. Most of the container carriers will provide an under-deck bill of lading due to the provisions that goods stowed on-deck are considered or deemed stowed under-deck.
MARINE EXTENSION: The coverage begins as soon as the shipment leaves the warehouse/store/location at the place of origin and continues until the shipment reaches the warehouse/store/location at the place of destination. Goods must reach their final destination within 15 days of the discharge from the vessel at the port of destination. For CIS and Africa countries the coverage stops as soon as the cargo is offloaded from the ship/aircraft at the port of arrival. Insurance will not cover any losses or damages caused by carrier DELAYS or INHERENT VICE of cargo.
CONTROL OF DAMAGED MERCHANDISE: It is understood and agreed that in case of damage to goods the Assured is to retain control of all damaged goods.
PARTIAL LOSS: The insurance will replace the value of the damaged portion of the goods and not the whole shipment unless total loss is reported.
RETURNED OR REFUSED SHIPMENTS: This policy specifically covers the return trip of the cargo in case the consignee or assured refused to accept the delivery.
NON-DELIVERY AND SHORTAGE: In the case the goods are overdue and unaccounted for for the period of 30 days they will be considered lost and Assured can recover under this policy. Claims for Shortages caused by theft, pilferage and non-delivery must be supported by documentary evidence.
INSUFFICIENCY OF PACKING: If the claim is made for loss or damage caused by insufficient or unsuitable packing or preparation carried our by a 3rd party the underwriters agree not use it as a defense against the claim. This is very important because most of other cargo insurance companies will deny any claim due to improper packaging. However, you should use extreme care in selecting professional packers. Assured agrees to assist underwriters to pursue rights of recovery against seller and/or other responsible parties.
NOTICE OF LOSS: The Assured must report every loss and damage that may become a claim as soon as may be practical after it becomes known. Failure to report loss or damage promptly shall invalidate any claim under this Policy. For the claims procedures and required documents, please, study our CARGO INSURANCE CLAIMS section.
WAR RISK: This policy protects your cargo against the risk of capture, seizure, destruction or damage by men-of-war, piracy, arrests, restrains, and other warlike operations.

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