What is Marine Insurance?
Marine insurance for cargo shipping covers the loss or damage of the cargo while on the water, as well as during transport to and from the port terminals. It is also referred to as cargo insurance, marine cargo insurance, or marine shipping insurance.
Our customers have the option to purchase marine cargo insurance when exporting vehicles and household goods; if you choose to do this, you would provide your marine insurance form with your exported shipment.
What Does Marine Cargo Insurance Cover?
Like other forms of insurance, you may hesitate at purchasing marine cargo insurance in the case you won’t need it in the end. If your cargo goes missing or if the shipping containers are damaged, you’ll be relieved to know your items are covered and you won’t suffer the cost. A few instances where damages or loss may occur include:
General Average
General average is a legal principle of maritime law in which all parties involved in a maritime accident will proportionally share the common loss. If your cargo is protected by marine insurance, the insurance company will cover your portion of the loss.
Natural Disasters
Your cargo or its container may suffer damage or go missing completely after a tsunami, hurricane, earthquake or similar incident. Since cargo insurance applies during transport to and from the port terminals, your shipment would be covered on both land and sea.
Theft
Your shipment could be stolen in the case of piracy or other theft. And even if your shipment isn’t the target, its arrival may be delayed after this event. In this case, the insurance company would replace the stolen items or reimburse the financial loss to you.
Learn More about Marine Insurance from Schumacher Cargo Logistics
To learn how to get cargo insurance or how much marine cargo insurance costs, contact one of our moving specialists today. Our 40 years of experience in international vehicle shipping and overseas relocation makes us experts in safely and efficiently getting your items where they need to be. Get your free shipping quote from Schumacher Cargo Logistics today!
