Marine Commodity Insurance

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Marine Commodity Insurance

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.

Coverage

Full Loss

Provides coverage against the risk of complete damage to the goods along with the carrier, so as to cause a total loss of its value.
Limited Coverage

The type of coverage providing assurance against partial risks such as the accidents the carrier vehicle may incur (running aground, capsizing, conflict, overturning, derailment, etc.), fire, and explosions, in addition to the risk of full loss of the goods.

Expanded Coverage

Provides assurances against all physical loss and damages incurred on the covered cargo as a result of an unexpected or unforeseen sudden accident and/or incident and provides coverage for your property against “all risks”.

Frequently Asked Questions

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

Relevant Documents

Information and documents you may need with respect to the product you are interested in are provided below. Should you have any questions, you can get even more detailed information by contacting our nearest agency.

General Terms and Conditions of Commodity Shipping Insurance

Marine Commodity Insurance Notification Form

Klozlar

Institute Cargo Clauses (A)
Institute Cargo Clauses (C)
Institute Cargo Clauses Air (Excluding sendings by Post)
Institute Strike Clauses Cargo
Institute Strike Clauses Air Cargo
Institute War and Strikes Clauses