Marine Cargo Insurance

For Ugandan businesses, particularly those who trade goods internationally, marine cargo insurance is not merely a safety net; it is a strategic necessity.

Faced with the perils of the high seas and the uncertainties of international trade, businesses must protect themselves from the associated risks.

What Is Marine Cargo Insurance?

Marine cargo insurance is a type of insurance that protects goods being transported over water.

It is also known as ocean freight insurance, marine freight insurance, marine transit insurance, marine transport insurance, or ocean marine cargo insurance.

Marine cargo insurance coverage helps to cover any damages or losses that may occur during the shipping process, such as theft, damage, or accidents.

By having marine cargo insurance, businesses can protect themselves from the devastating financial consequences of lost or damaged goods.

What Does Marine Cargo Insurance Cover?

Marine cargo insurance helps to safeguard against potential risks such as damage, loss, or theft during the journey.

With marine cargo insurance coverage, businesses can avoid the devastating financial impact of unexpected incidents that may occur during marine transport. Our comprehensive cover, insures you from the supplier right up to final delivery destination – in one single package.

By investing in marine freight insurance, companies can protect themselves from costly mistakes and poor outcomes that could result in financial loss.

GoldStar Insurance offers an All-Risks Marine Cargo Insurance policy tailored to your needs. Our policy exceeds the coverage offered by the standard With Average policies, providing you with a wider safety net for your business operations.

At GoldStar Insurance, we understand that every cargo has its unique risks. Therefore, our All-Risks policy is designed to protect against every conceivable transportation peril.

However, please note that the policy does not cover loss of market, damage caused by delay, war, strikes, riots, inherent vice of goods, and civil commotions, unless specifically included in your policy.

Choose from three forms of coverage – Institute Clauses A, B and C – each offering different degrees of protection. With these options, you can choose a marine and cargo insurance policy that best fits your business demands.

There are 3 marine cargo insurance types that the GoldStar Marine Cargo Insurance Policy covers:

Marine Annual Cover

Our Marine Annual Cover provides a blanket cover against loss or damage to all goods transported by a specific carrier or shipper during a stated period. The terms of this marine cargo policy are agreed on at the start and premiums are charged upfront with declarations made monthly.

We provide our clients with an online portal to self-issue certificates and track their declarations.

Marine Open Cover

Our Marine Open Cover provides a blanket cover against loss or damage to all goods transported by a specific carrier or shipper during a stated period. The terms of this policy are agreed on at the start and premiums are charged as actual shipments are done.

This flexible approach allows you to adapt to the changing needs of your business.

As an insured party, all you need to do is provide us with periodic updates on the description, quantity, and value of goods shipped during that period.

Marine Specific Policy

If your business only requires cover for a certain transit, we offer the Marine Specific Policy. This policy provides cover for a single transit and mainly ends upon the cargo’s arrival at its destination.

GoldStar's Marine Cargo Insurance Optional Add-Ons

With us, you get to choose add-ons that suit you and your business at a small additional cost.

Political Violence And Terrorism

For businesses concerned about the ever-changing political environment, we have an optional cover against Political Violence and Terrorism. This add-on is designed to protect your property and investment from unforeseen political upheavals or acts of terror.

Choose GoldStar's Marine Cargo Insurance

Invest in GoldStar Marine Cargo Insurance today, and ensure your shipments are covered against a broad spectrum of risks. Because at Goldstar Insurance, your peace of mind is our top priority.

In order to make an informed decision about choosing GoldStar’s Marine Cargo Insurance, take a look at the Key Considerations to note and the Exclusions that apply to this policy.

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FAQ’s

How do I cover items that I take away from the home?

You will need contents insurance, sometimes known as all risk cover, for items for which you require cover out with the home. Please provide details of these items at the time of quotation to ensure that the policy provided meets with your requirements.

What is accidental damage cover?

Accidental Damage cover provides protection against costs incurred through damage that you, your family members or visitors may cause to the structure of your Building or to your Contents. Examples of incidents which would be covered under this extension include putting your foot through the loft floor damaging the ceiling below, leaving a tap running leading to water damage or carpet spillages. Such incidents would not be included under a policy taken out to cover Standard Perils only.

Additional charges will apply and in certain circumstances this cover might not be available.

Are items in my garage or shed covered?

Items kept in the garage or garden sheds will be covered under the Contents section of your policy provided you have included their value in the total sum insured declared. Limits may apply to the amount that can be claimed for theft of items taken from outbuildings and additional charges may be made for certain items such as ride on mowers. Cover for motor vehicles and motorcycles is excluded. Please declare your requirements for cover kept in outbuildings at the time of quotation to ensure that the policy provided meets with your requirements.

I live in rental accommodation. Do I still need insurance?

In most cases you will need to arrange cover for your own contents and personal possessions. Please refer to your tenancy agreement to check what, if any cover is provided by your landlord.

What is an excess?

An excess is the amount a policyholder is required to pay towards the cost of any claim. You may be asked to pay this amount to a company that has carried out repairs on behalf of your insurer, or alternatively the sum will be deducted from any settlement received.

Tips:

Goldstar claim process

No matter what your worry is, we’re here to help explain the process, assess your claim fairly and minimize the disruption to you with a transparent claims process.

Contact Us

Plot 38 Kampala Road, Crane Chambers, Kampala

+256 41 4250110

marketing@goldstarinsurance.com