Marine Commodity Insurance

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The timely and requirement-compliant delivery of cargo entails a major responsibility. When realizing that responsibility, the potential negative issues that may arise should not be disregarded.

Marine Commodity Insurance provides coverage against any damage or loss your cargo may suffer en route from a location to another over a means of transportation (maritime, air, highways, railways).

Get Marine Commodity Insurance and let us take care of the burden of unexpected damages and losses.

What is Marine Shipping Insurance?
Marine Shipping Insurance refers to the type of insurance providing assurance subject to the General and Special Terms and Conditions of Shipping Insurance as specified in the policy, against damages and losses that any cargo can incur during transportation from one location to another aboard by road, air, sea or rail vehicles suitable to carry the cargo in question.
What does 10% increase refer to in terms of Shipping Commodity Insurances?
That final benefit usually set at 10% as a requirement of letter of credit reflects the expected profits for and other unspecified costs incurred by the importer.
What are the types of shipping insurance policies?
  • Final
  • Floating policy
  • Subscription policy
  • Block policy
What is a subscription contract?
The Shipping Commodity Subscription Contract refers to a type of insurance providing security for all shipments a commercial enterprise shall effect through the year. It provides an annual insurance coverage in advance.
It enables discounts on insurance rates (with reference to sums insured) based on the annual shipment capacity.
What kind of advantages does the subscription contract offer to the insured?
  • It enables discounts on insurance rates (with reference to sums insured) based on the annual shipment capacity.
  • Delayed reports on the part of the insured, up to the limit specified for each service and/or vehicle shall not prevent the exercise of the insured’s rights.
  • It reduces the insurance cost count.
  • It offers automatic coverage for the insured, up to a specific limit subject to the provisions of the contract.
  • It enables premium returns provided that certain requirements are noted on the contract and duly met.
What are the insured’s interests regarding the goods?
  • Invoice price of the goods
  • Paid shipment charges
  • Paid insurance premium
  • Expected profits