Marine Insurance

Marine Insurance

As a retailer you are generally interested in two types of cover, Marine Cargo Insurance and Inland transit insurance.

Both types of insurance are designed to cover any item or goods transported between the point of origin and the final destination. This could simply be stock for a clothing store being transported from the warehouse to the retail store or a shipment from an overseas manufacturer to the warehouse of a local buyer in Australia.

Marine Cargo Insurance

Marine cargo insurance provides cover for physical loss or damage for goods being imported or exported from Australia. The goods may be transported by sea or air.

There are two types of cover you can choose:

  1. 1) An open or annual cover

    This type of cover is used by people who regularly import into or export goods out off Australia during a period of insurance (generally 12 months).

    An estimate of the total value of imports or exports is generally made by the insured to the insurer at the beginning of the policy period every renewal. The insurer will agree to cover these items taking into consideration a number of factors such as:

    1. The type of goods being transported
    2. Their destination
    3. Method of transport
    4. Packaging
    5. How the goods will be valued
    6. Average value of each shipment

    At the end of the policy period each year the insurer may require a declaration being completed by the insured of the actual value of goods transported during the period of insurance and an adjustment to the premium paid may be applied by the insurer.

  2. 2) Single Journey Cover

    As the name applies the cover provided here is to cover a single journey only. This is mainly taken out by individuals or small business for one off shipments of goods.

    A single insurance payment is made at the commencement of the journey and no further payments or adjustments are generally made.

Inland or local Transit

Inland transit refers to goods being transported within Australia. It may be transported from Sydney to Melbourne, Melbourne to Perth or simply intrastate by rail, road , air or sea. In the same way Marine cargo has two types of covers so it is under inland transit, you can elect for an annual or single journey cover.

If locally you have a sales person working for you, you can endorse such policies to cover product samples the sales person carries with them. Also, if you or your staff attend exhibitions where you exhibit your goods, you can extend the policy to cover your goods during the journey to the exhibition and whilst overnight at the exhibition.

How do we add value as your Insurance Broker?

There are many insurers in the market competing for your business, how do you know who has a real flair and appetite for this type of business and who just makes up the numbers? Who pays claims efficiently and who takes their time. Who will give you the right advice on what endorsements you need?

For example, assume as a butcher you drop of your stock to your customers in your refrigerated van. If on your next trip there is a malfunction in the refrigeration motor causing loss to the goods? Do you know if insurance will cover you? are there any endorsement you can add to your policy to cover the resultant damage? We know the answers and that’s exactly how we can help. Not only can we compare prices and products but we can also advise you what is available outside the box to ensure maximum protection for you and your business.

Contact Us

Shop Insurance – – Business Insurance for Shops is a division of Steadfast Eastern Insurance Brokers P/L AFSL 449768 ABN 13 166 553 671.