If your business imports, distributes, manufactures or exports any finished product or component then you need Marine Cargo insurance. A Marine Cargo policy protects you against theft, loss of or damage to your stock during transit via road, rail, sea or air. The policy provides cover for all moveable goods (inventory/stock) within your stated trade, including raw materials and partially finished products.
Problems sometimes arise where buyers or sellers don’t arrange their own insurance, relying instead on their suppliers or customers arranging cargo insurance, or a freight forwarder arranging insurance for them.
Those who think that carriers will pay for loss or damage may be surprised that contracts of carriage, generally limit the liability of the carrier and can exclude it altogether in circumstances beyond their control.
To be absolutely confident your business is protected, you should ensure you have your own Marine Cargo policy and not rely on your suppliers and carriers to provide you with the right level of cover.
Cover is available on an All Risks Worldwide basis, including while in temporary storage in third party warehouses. Terrorism cover is provided during transit, war risks are only covered during sea or air carriage.
Moving stock on a frequent basis comes with the possibility of losses occurring while in your own warehouse, being stored for processing or repackaging and whilst moving the stock from the warehouse to a delivery van. You could insure your stock on a standard Commercial Combined policy coupled with a Goods in Transit policy for distribution to your customers and/or a Marine Cargo policy for imports and exports but a Stock Throughput policy means you get a quicker turnaround on claims, as there will be no disputes over which policy will cover your loss, you will have peace of mind that there will be no gaps in your cover and there will be costs savings in only having to arrange one policy for your stock instead of three.
To discuss the best solution for your needs, please contact us.