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Insurance Details
Marine Insurance is designed to protect goods, cargo, and maritime interests against loss or damage during transit by sea, air, road, or rail.
It provides financial protection for cargo owners, importers, exporters, freight forwarders, and logistics operators against marine perils such as loss, damage, theft, or delay, helping businesses manage the risks associated with domestic and international trade.
Whether shipping goods locally within Australia or internationally, Marine Insurance ensures continuity of trade and protects cash flow from unexpected transit losses.
Cover Sections / Benefits Covered
Q&A – Common Questions
Yes. Marine Insurance can be arranged on a door-to-door basis, covering sea, air, road, and rail transit from the point of origin to final destination.
Marine Insurance is not legally compulsory. However, without it, cargo owners bear the full financial risk of loss or damage during transit.
Carrier liability is typically limited and may not cover the full value of goods.
Yes. Responsibility for insurance depends on the Incoterms used:
• Under FOB, the buyer is responsible for insurance once goods pass the ship’s rail.
• Under CIF, insurance is usually arranged by the seller, but cover may be limited.
- Single transit policies - suit occasional shipments.
- Annual open policies - suit regular importers or exporters and offer efficiency, cost savings, and automatic coverage.