Marine Cargo Insurance
This policy covers loss or damage to goods and/or merchandise in transit from one place to another by sea, air, rail, road or registered post. The cover provided is in respect of marine perils, war and strike, riot and civil commotion perils.
This policy from Goldstar covers the goods all the way from supplier to final destination under one single policy. This means you do not need to get additional cover from abroad as we insure the full journey.
Types of Marine Cargo Insurance
- Marine Open Cover
This provides a blanket cover against loss or damage to all goods transported by a specific carrier, or by a specific shipper, during a stated period. The terms applicable in the policy are agreed in advance at the beginning of the policy period but premiums are charged as and when the actual shipment is done. The insured is required to periodically provide the insurer with the description, quantity, and value of goods shipped during that period.
- Marine Specific Policy
This is issued to cover a specific single transit. Mainly this cover ends upon the arrival of cargo at destination.
What’s coveredThe perils covered and excluded depend on which type of coverage you choose. There are three basic forms of coverage known as Institute Clauses A, B and C.
Marine Insurance offered by Goldstar Insurance is issued based on an All Risks basis.
An All Risk policy offers even broader coverage than a With Average policy. As the name suggests, this policy covers all transportation risks. An All Risk policy will not, however, cover loss of market or loss or damage caused by delay, inherent vice of the goods, war, strikes, riots and civil commotions, unless specifically included.
What’s not coveredIt is important that the insured is aware of the exclusions applicable to “all risks” cover. The most common are loss, damage or expense:
- Attributable to willful misconduct of the insured
- Caused by insufficiency or unsuitability of packing or preparation of the cargo
- As a result of ordinary leakage and wastage
- Arising from the insolvency or financial default of the owners, charterers or operators of the vessel
- Caused by inherent vice of the cargo (e.g. the innate tendency of a product to deteriorate over time. For example, fruit will go rotten)
- Caused by delay
- Resulting from strikes and labour disturbances (covered by strike clause)
- Arising from un-seaworthiness of the vessel where the insured is privy to the defects at the time of loading cargo
An important point to note when taking out marine insurance is that the onus is on the insured to ensure adequate packaging and marking. In the event of loss or damage to cargo attributable to inadequate packaging or marking, Goldstar Insurance Company will disallow any claim made.
What’s optionalChoose optional add-ons at an additional cost to create cover that suits you.
- Political Violence and Terrorism: Cover against political violence and terrorism
Other types of insurance cover
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.
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.
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.
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.
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.
- Ensure you declare a list of items to be insured under contents insurance including serial numbers, model, make and have the correct sum insured
- Always keep valuables safely and locked out of site to protect against the risk of theft