Marine Transit Insurance

“In FY2017, the value of Australian exports of goods and services was A$373.2 billion. That represented an increase of A$53.7 billion on the previous year’s outcome.”

Australian Trade Commission, Australia’s Export Performance in FY2017

What is Marine Transit Insurance?

If your business takes you across the seas, you can be exposed to risks from mother nature, misadventure and even piracy. Such risks can prevent your commercial vessel, cargo or truck from reaching its destination, or cause costly damage during the voyage. Marine transit insurance refers to a range of insurance products which help protect your business from loss or damage to vessels and cargo. It can cover the door to door delivery of goods worldwide, by sea, road, rail and air – including their storage on the way.

Who should consider insurance?

Marine transit insurance is important for businesses involved in shipping or receiving goods, operating watercraft commercially, repairing vessels, running a marina and more. Marine insurance can provide valuable cover on both land and sea for:

Freight forwarders

Importers and exporters
Marina owners
Mining companies

Primary producers

Removalists
Tourism operators
Wholesalers

What can it cover?

There are different types of marine-related insurance policies – the type you choose will vary based on your specific needs. Depending on the type of policy you choose, marine insurance policies can cover:

Accidental damage
Insured events
Collision
Dropping during loading and unloading
Fire, explosion, lightning
Impact of goods with external objects rather than the conveying vehicle or road
Malicious damage

What usually isn't covered?

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:

Consequential loss/loss of market
War
Delay