Let Matrix Insurance help you keep your goods moving.
Marine Transit Insurance covers your physical assets while they are being moved and for temporary storage while in the line of transit. Despite the name Marine Transit, cover extends to a wide range of transits including road, rail, air, sea and even by registered post.
Marine Transit policies are typically issued on an annual basis. This means that once your policy is set up you don’t need to think about insuring your goods each time you make a shipment or move stock. Insurance for one-off transits are also available.
Most freight forwarding companies usually include or offer insurance for your goods while being moved. However, coverage is often very limited and a expensive way of insuring. Your much better off obtaining your own transit insurance, as we can ensure you have the correct cover and is usually a much more cost effective option.
What can go wrong with your cargo in transit?
- Theft of the vessel and/or its contents
- Malicious damage
- Shipping companies can go bust leaving your cargo in limbo
- Goods overboard (this happens more than you think!)
- Ship sinking or vehicle overturning
What’s involved with setting up a Marine Transit Policy?
Insurers only require a few details to set up a Marine Insurance policy:
- Description of goods in transit
- Total estimated annual sendings
- Maximum Value of any one transit
- Average value of any one transit
- How the goods are stored while in transit
- Previous claims history
- Where goods are generally moved to and from
If you need to adjust limits throughout the year, that’s also fine.
Whether you are importing, exporting or moving goods within Australia we can help. Although marine transit policies are straight forward to set up, policies vary between insurers, so it’s very important to get expert advice so that you have a policy in place that will respond correctly.
To ensure you have the right cover in place, contact one of our marine cargo insurance experts.