MSIG offers advanced ocean cargo insurance policies that are designed to fit your needs and the risks you face.
Whether venturing into familiar waters or uncharted territory overseas, maritime environments come with a host of risks — both known and unknown. Your mission-critical deliverables require a comprehensive plan that fully protects your cargo from actual or potential damage. MSIG offers advanced ocean cargo insurance policies that are designed to fit your customized needs and the risks you face.
Cargo insurance helps protect your goods during shipment via land, air or sea. If severe weather, flooding, fire or some other covered peril were to damage domestic or international shipments, ocean cargo insurance can help provide the financial resources to offset or fully replace those losses.
In addition to providing the financial cover to replace damaged cargo, ocean cargo insurance can replace merchandise lost at sea, such as if it were to go overboard or be stolen. In the United States alone, thousands of shipping containers each year don’t reach their port destinations after falling from shipping vessels.
Shipping ports are often hotbeds of activity. In an attempt to hasten the offloading process, port workers may not account for the fact that some goods need to be handled with extreme care. Cargo insurance helps to guard against this possibility so easily breakable merchandise isn’t just protected in transit, but also can be insured while at a warehouse location.
No matter what stage of the cargo business cycle your company falls in — importer, exporter, manufacturer, trader, charterer, shipbuilder or several others — marine insurance coverage can be customized to fit your needs and those of your supply chain.
Additionally, ocean cargo insurance can shield your business from exposures to financial risk. If you’re an importer who has already paid for shipped merchandise and those items don’t arrive or are damaged upon arrival, marine cargo coverage provides you with a financial recourse that can help make your business whole.
Much like the merchandise that is shipped, marine insurance comes in many different forms and varieties and can all be customized depending on your business’s needs. Ocean marine insurance coverage generally branches into two different categories: voyage and open. Voyage policies are designed with exporters in mind and cover merchandise that is shipped in one trip or voyage, hence the name. Open policies are for importers and exporters, both when goods are being sent and returned. While voyage policies are generally best suited for businesses who ship sporadically or on an as-needed basis, open policies are for those organizations that engage in regular trade activity.
At MSIG, we design ocean cargo insurance policies that can be customized to fit the requirements of your business and the traditional or unique risks you face, putting you in the risk control pilot seat.
There is no “right” answer to figuring out how much marine insurance is appropriate. The only correct amount is what’s sufficient for you. The answer largely depends on the value of the goods being sent overseas as well as how insurers measure value. The variables used in this determination include invoice cost, incidental expenses related to shipment (which may or may not be known at the time), the type of goods being insured and their vulnerability to damage.
Since 1957 (although our business history goes back to the 17th century) MSIG has provided comprehensive marine insurance solutions to midsize and large organizations all over the world. With a vast operational footprint — now with offices in more than 40 countries and counting — MSIG is a global leader in property and casualty insurance for marine liability, cargo loss, workers’ compensation and much more. Rated highly by Standard & Poor’s (A+) as well as A.M. Best (A+), MSIG has the financial strength and track record that has made us a world-leading insurance and financial services provider.
The marine industry isn’t always smooth sailing; that’s why we’re your port in the storm. We understand the challenges your team faces, and with the right marine cargo policy, we can help you overcome choppy waters related to marine liability and cargo loss. When or if you need to report or file a new claim, our vast network of more than 290 settling and surveying offices throughout the world can make the process seamless and hassle-free.
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