Cargo Specie

We can provide cover for all types of goods, commodities and merchandise for physical loss or damage to goods whilst in transit by land, sea and air or whilst in storage, anywhere in the world.

The Institute Cargo Clauses - A, B or C, including War Clauses and Strikes Clauses are the most commonly used conditions with Cargo Clauses A providing the equivalent of “all risks” cover with B and C giving less coverage which is normally reflected in commensurately lower premiums for the lower cover.
It is usual for Exporters to sell on Cost Insurance and Freight (CIF) basis or similar terms, which makes them responsible for arranging the cargo insurance.
Alternatively exporters can allow their customers to arrange the insurance and sell Ex Works, Free on Board (FOB) or Cost and Freight (CFR) terms. An Ex Works sale represents the minimum obligation for the seller, who has merely to make the goods available at his premises for collection by the buyer's designated carriers.

Whatever the cover you are arranging it is important to cover your obligation to contribute to General Average. This is one of the oldest principles of cargo insurance and applies only to ocean and sea voyages. You might be called upon to make a contribution in General Average where loss or damage is suffered to the vessel or cargo, perhaps by way of a sacrifice in order to save or preserve the greater venture. For example goods may sustain water damage during fire fighting. In this situation, if General Average is declared, all the parties involved must contribute to covering the loss.

The most common practice is for an importer or exporter to arrange an “Open cover” where a number of consignments or a volume of business is covered for a given period, normally 12 months.
Alternatively a particular consignment can be insured under a Voyage Policy which expires on safe arrival at the port or place of destination or at the place of storage.

An exporter that sells goods on FOB and CFR Incoterms 2000 the importer is responsible for insuring the goods and there is a risk that if the goods are damaged in transit and refused by the customer it s often expensive to seek redress through the legal system. Seller's interest insurance will provide cover for this type of contingency for modest premium.

We are familiar with London and International markets and can offer comprehensive terms and a responsive and knowledgeable claims service. Whether you seek full or limited cover, including or excluding terrorism risks, we can offer specific help.