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Marine insurance

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Marine cargo insurance

Marine cargo insurance is the oldest form of insurance in the world. Cargo insurance insures property while in transit against loss or damage arising from perils associated with the navigation of the sea - and subsequent land and inland waterways.

This could be due to risks ranging from dock strikes to rogue waves, heavy seas, loss of refrigeration or even earthquakes damaging containers on land. 

Who needs marine cargo insurance?

You need marine cargo insurance if:

  • you ship cargo overseas or inland in NZ, and risk loss through damage or loss of your products.
  • you could be liable for your shipment causing damage to others.
  • you suffer a loss of profit related to an event covered by a policy extension.

Marine cargo insurance options

We can cover cargo moving anywhere in the world just once, or on an ongoing basis. 

You have the choice of:

  • Marine open cover, to cover all shipments undertaken annually in New Zealand, worldwide or both.
  • Individual policies taken for one-off or infrequent shipments.

Help with marine cargo insurance

In the speciality area of marine cargo insurance difficulty arises with pinpointing where responsibility passes between parties. We usually ask to review the terms of sale before a contract is signed, so we can assist with mitigating your risk even at an early stage. If this is not possible, we can structure your marine cargo insurance in such a way that it covers your risk under the agreed terms of sale.

We have brokers with extensive experience in marine insurance and understand what’s needed to support you at claims time.  They can work with you to offer options on protection for a range of marine risks including marine hull and liability cover and marine carrier’s liability insurance.

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Marine insurance - standard contract terms
  • FOB (Free on Board): The exporter (seller) arranges insurance up until goods are loaded onto the vessel. The importer (buyer) arranges insurance from the time the goods are loaded onto the vessel. 
  • C&F (Cost and Freight): The insurance responsibility passes as for FOB, but one insurer usually covers the goods from the moment it leaves the supplier’s warehouse.
  • CIF (Cost, Insurance and Freight): The exporter (seller) arranges insurance from the time the cargo leaves the originating warehouse all the way to the destination warehouse.
  • Ex warehouse: The importer (buyer) arranges insurance from the time the cargo leaves the originating warehouse.