Cover is provided on an all risks basis for damage to cargo that is either being imported or exported worldwide. The cover extends to cover the shipping vessel, terminals at point of origin and destination and cargo in transport between the seller and the port of origin and the port of destination and the purchasers agreed final destination.
The cover will be determined by the freight forward terms of contract which can vary from (FOB) Free on Board, (CIF) Cost Insurance and Freight, (Ex Works) and (CFR) Cost and Fright (CIP) Carriage and Insurance Paid to. These are known as incoterms and determine who is responsible to purchase the insurance and to what extent, the buyer or the seller.
Insured’s can purchase single cargo policies covering a specific shipment or can purchased on an Open Cover Marine cargo policy covering all imports and exports on an annual basis.
The information provided on this page that may have been implied is General Advice only and does not take into consideration your specific needs, risk appetite or financial requirements. Please contact our office to discuss and review your needs and the appropriate financial product best suited to meet your requirements . Before purchasing any financial product, you should always read the Product Disclosure Statement to ensure the product is suitable for your needs.
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