Cargo and Goods-in-Transit insurance
Asia is a busy place for cargo and goods-in-transit insurance with China leading the world’s top exporting countries, followed by Japan, Korea, Hong Kong, Singapore and India that made it the top 20 exporters in the world in 2011.
All types of goods carried can be covered by insurance policy, may it be bulk, powder or liquid form (like chemical, agriculture, minerals or fertilizers) or non bulk (like clothing, machinery, timber, frozen food, or other consumer goods). Raw material such as oil, coal, iron ore and grain, represents 80% of cargo sent by sea in 2006.
Cargo insurance is complicated as it involves many parties: from freight forwarders who coordinate all parties to haulage contractors who carry the goods between two giving points, to warehouse keepers who provide storage facilities, to ship owners or airfreight carriers as well as stevedores who loads and unloads the goods onto ship.
All parties have to work together and liability should be clearly identified in order to manage future claims. For this reason, Incoterms rules (January 2011) has been set out in order to clarify the duties of the seller and the buyer.
Marine Cargo insurance policies follow standard international wording known as Institute Cargo Clauses.
We offer single or open Cargo policies:
1. Single Voyage Policy
By far the most common form of Cargo insurance. A voyage policy covers the cargo throughout its the entire journey. Coverage starts from the time the cargo leaves the seller, during its journey and upon arrival at the buyer.
2. Open Cover
An open cover is an agreement, not an insurance cover, between the insurer and the insured. The agreement seeks to cover all the shipments under the terms and conditions negotiated between the two parties. The agreement includes details of the transit, nature of cargo, packaging and rates applicable, maximum value of the cargoes in any one shipment.
On an individual or monthly basis. the insured would then have to declare his shipments to the insurer.
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