https://www.bizcover.com.au/
 
  • Amanda Bird

Marine Transit Insurance: Reasons Why Businesses Need It

Updated: Nov 23, 2021

Having goods get lost in marine transit is something that nobody wants to ever experience. As a business owner, having these types of mishaps and delays can have dire consequences on your daily operations. When something goes wrong with the transportation of the goods you need for operations to go smoothly, it pays to have a backup plan.


Because there are many risks associated with the transit of goods needed for a business, having insurance can make all the difference in the world. While you may not be completely open to the idea of getting marine transit insurance for your goods, this blog post will shed light on why taking out this type of insurance is worth looking into.


Marine Transit Insurance: Reasons Why Businesses Need It


A great many things can go wrong during the time your goods depart from one place, get transported on a ship, and go from the dock to their final destination. Whether you have goods moved domestically, through a cargo service, or internationally, it is always a good idea to get the right insurance coverage. This way, if any untoward incidents happen, your insurance will be there.


The Pandemic Increased the Risk


The global pandemic has made its mark on the shipping industry. The reduced capacity, equipment shortages, and international supply chains have all taken a hit because of the effects of the pandemic. COVID-19’s domino effect has now affected the industry to the point where countless parcels and goods have been significantly delayed. This may spell disaster for many businesses that rely on these goods to continue functioning at a normal pace.


Getting Marine Transit Insurance


If you have ever suffered losses due to the delay of goods in marine transit, you are fairly aware of the importance of having this type of insurance. You can get it from the cargo carrier or from a specialist.


1 - From the Carrier


There may be a few problems that may crop up if you choose to get your insurance from the carrier itself. You may experience abandonment of cargo, government rejection of goods, delays, and all sorts of other issues. However, getting protection and coverage is a much better option than not having any at all.


2 - Get Specialist Advice


Your second option is to get advice from a specialist as to which type of cargo insurance will work best for the goods you are having transported and your individual needs as a company. These insurance specialists will ensure that the coverage you get will be tailored-fit to the specific needs you present them.


Conclusion


If you have read this far, you will now be aware of how crucial it is that you seek protection from the potential risks that marine transit brings. Talking to an experienced insurance agent will help ensure that your business will be able to get the coverage it needs. Also, you will have peace of mind that no matter what happens to the goods being transported at sea, your insurance will be able to make up for your losses.


If you are in need of marine transit insurance, come to New Wave Insurance! We help you find the right insurance for your assets, business and vehicles


7 views0 comments