Today, new trade agreements are expanding the realms of business operations to many new countries and more goods are being shipped around the world. Risk of loss or damage to your goods is high when it’s in transit. It’s vital to for you to have marine insurance to protect your business from the likelihood of such financial loss. The Reliance Marine Cargo Insurance is a comprehensive package, designed to cover all losses or damage to goods being shipped.
The Reliance Marine Cargo Policy covers loss or damage to cargo in transit by:
- Land: Road or railway
- Waterways: Ships, inclusive of every description of vessel used in navigation
- Air: Aircraft used for the transport of cargo, among others
- Government or private postal services
The coverage provided under these policies ranges from a restricted form of cover, e.g. Fire and Lightning perils only, to the widest available form of cover, namely, All Risks, at the option of the insured. The different types of polices are:
Specific Policy: Covers those specified risks under marine cargo sent or received during the policy period.
Open Policy: Provides automatic and continuous insurance protection to all shipments sent/ received during the policy period.
Open Cover: Similar to Open Policy, this variant covers loss or damage to cargo where a specific stamped certificate is issued for the declaration made.
The policy does not cover loss or damage to cargo insured due to:
- Willful misconduct of the insured
- Insufficiency or unsuitability of packing or preparation of the cargo insured
- Ordinary wear and tear and inherent flaws in the cargo insured
- Delay
- Insolvency and financial distress of the carriers
- Unseaworthiness of the vessel
