Marine Cargo Insurance

Marine cargo insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways. The Act does not specifically mention air travel nor pure land-based transits. Therefore to ensure the Act applies to all modes of transit it is usual to see a clause in the policy document confirming its authority in all circumstances.

The national and international movement of property gives rise to the need for  Marine Insurance, one providing cover throughout the duration of the transit, that offers protection from risks peculiar to transit and can be handed on from seller to buyer as the property itself changes hands.

There is no law to make insurance of property in transit compulsory but while property is in transit it is at risk. If the prudent trader did not have the opportunity to buy insurance he would need to set aside a considerable sum of money as a contingency against loss or damage. Indeed without insurance the business of trade would be seriously restricted. Raising finance without insurance would be difficult.

Irrespective of the size or nature of the marine transit risk, marine insurance will be governed by the Marine Insurance Act 1906.

If you are interested in obtaining a bespoke Marine Cargo Insurance quotation please contact the New Business Team on 0161 833 2100 or email info@caunceohara.co.uk with your contact details and we will respond on the same day.