Marine insurance


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Whether you own or charter vessels or move cargo, the marine insurance experts at Crombie Lockwood can give you great advice and guide you to relevant marine insurance policies that give you the financial protection you need.

We provide:

  • Marine cargo insurance
  • Marine hull & liability insurance
  • Marine carrier’s liability insurance.

Our marine insurance brokers will work with you and look at every aspect of your insurance risk to ensure you get the appropriate financial protection in the event your vessel or marine cargo is damaged or lost. This could be due to any risk factor from dock strikes to rogue waves, heavy seas, loss of refrigeration or even earthquakes damaging containers on land. 

Marine cargo insurance

Marine cargo insurance is the oldest form of insurance in the world. Over the years, potential issues have been clarified to a remarkable degree and marine cargo insurance provides well-proven cover.

While many claims are relatively straightforward from an insurance point of view, they can become complex when the rules and regulations of international conventions become involved or where the cause and/or timing of damage is unclear.

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

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.

Carrier’s liability insurance

Marine carrier’s liability is a complex area governed in New Zealand by the Carriage of Goods Act 1979. The Act relates to contracts between shipper and contracting carrier, as well as to contracts between contracting carriers and their sub-contractors.

People who need carrier’s liability insurance can include:

  • Freight forwarders
  • Shipping companies receiving goods at the wharf
  • Packers, consolidators, warehouse operators and stevedores
  • Port companies
  • Wharf marshalling providers.

As with marine cargo insurance, the terms of the contract are important in assigning risk.

  • Limited Carrier’s Risk is the most common contract type in New Zealand and applies by default unless specified otherwise. The contracting carrier is liable for loss or damage to the goods throughout the duration of the contract, regardless of who actually damages or loses the goods, but with a set, limited liability per unit of goods.
  • Declared Value Risk is basically the same as limited carrier’s risk except that the package limitation may be negotiated between the parties.
  • Declared Terms means the parties can freely negotiate a carriage contract.
  • Owner’s Risk puts all the risk on the owner, except if damage or loss was intentionally caused by the carrier.

Our marine insurance experts at Crombie Lockwood will make sure that you as carrier get insurance cover for your liability under the contract.

Marine hull and liability insurance

Marine hull and liability insurance covers damage or loss to the vessel, including its machinery and equipment, as well as legal liability to any third party that arises from negligence related to the vessel’s operations or the actions of its masters or crew.

Vessel insurance usually requires the vessel to be valued and surveyed for an agreed value to be reached. Coverage is provided for accidental loss or damage to the vessel anywhere in the agreed navigational limits set by the policy. The experience of the skipper is an important factor in rating the insurance.

Liability (also known as “Protection & Indemnity”) can be underwritten as an extension to the hull insurance or as a stand-alone cover via open-market insurance or specialist P&I clubs. The limits selected for liability with vary based on vessel type, use and territorial limits. It should be sufficient to cover cargo liability, salvage or removal of wreck costs, pollution risk and specific crew/passenger related liabilities.

With our vast experience in marine hull and liability insurance, Crombie Lockwood can give you expert advice and guidance on getting the best marine insurance to cover your financial risks.

Marine insurance claims

When you have marine insurance through Crombie Lockwood, we’ll assist you at claim time too. Using our access to underwriters, we can see to the speedy resolution of your claim. Or if a legal issue arises, we can advise you and help secure expert legal representation for you.

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.

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Important Information The information on this website is only intended to provide a general summary or introduction to a product, offering or service.  Any decision to purchase this product should be based on specific advice for your business or personal needs.  For further information on this product, offering or service please speak to your broker.