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Marine Cargo Insurance in Perth, WA
All business owners and operators should be aware of the fact that the stability and longevity of their company depend, in part, on having the correct types of insurance. Figuring out what kind of coverage you need is a complicated task, especially when you consider adding a marine cargo insurance policy.
Our expert team at Connect Business Insurance simplify the issue of insurance for your cargo. Their experience in the field directs our representatives to the kind of cover our clients need.
Various facets of the maritime industry significantly influence the Australian economy. Several factors combine to make Australia one of the world’s most biggest users of marine cargo. These elements include:
- Diverse industry and populations
- A long coastline
- Reliance on numerous imported goods delivered via the shipping industry
- Large quantities of raw materials to export
- Developed offshore oil and gas industries
What is Marine Cargo Insurance?
While your insurance professional can address your unique circumstances, it is often a wise decision for renters or lessees to get insurance cover for property and equipment. If you're unsure about your specific circumstances, contact our expert team today.
Here's An Example:
Hope leases a storefront for her day spa. While she does not own the building, she has a large amount of money invested in all of the equipment needed to serve her customers, as well as the items that make her spa stand out from the competition.Suppose a fire destroys the building. Most, if not all, of Hope’s equipment and decorative items will also be lost. If she does not have the necessary cover, Hope will experience a tremendous financial loss. The loss could be significant enough to force her to close her business permanently.However, if Hope has insurance that covers the property and equipment, she will be able to replace the things needed to operate her business.
Marine cargo insurance is cover that will protect your vessels and the materials you transport from numerous unforeseen instances.
Four Statistics Regarding Maritime Shipping in Australia
- The approximate value of Australia’s exports via the sea is $218.9 billion
- The percentage of Australian exports that depend on sea transportation is 99%
- Australian wharves saw 1597 million tonnes of cargo move
- Australia imported 99.3 million tonnes of cargo via marine transport
What Types of Businesses Need Marine Cargo Insurance?
If your business depends on the sea, either partially or in full, to send or receive products and other business requirements like raw materials, you likely need to look into marine transit cover. Some examples include:
- Operating a commercial watercraft
- Running a marina or boat storage facility
- Shipping materials or products overseas
- Repairing vessels
- Receiving goods and materials that require water transportation
What Are the Most Common Risks?
While unforeseen events can, and often do, impact all industries across the continent, the marine cargo business is especially subject to these situations:
- Storms and dangerous weather, which sometimes strike with little warning
- Piracy, who frequently operate with speed boats and the latest arms equipment
- Assorted calamities while your product is in transit
Please note that the materials included in this post are for informational use only. The material presented here is not binding insurance advice. Please contact your Connect Business Insurance representative for knowledgeable and helpful information.
Safe Work Australia, Key Work Health Safety Statistics 2014
"Penalties awarded against companies and its directors or officers for work health safety breaches have increased by 43% to $22.3 million in one year. Penalties now average $62,000 per company."
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Did You Know?
Many businesses think it won't happen to them, but statistics show otherwise. In fact:
(Chubb 2016 Private Company Risk Survey)
The likelihood of a claim that could be covered by a Management Liability policy has tripled in the last five years, with 50% of notifications resulting in a claim.
Chubb 2016 Private Company Risk Survey
The most common claims are for employment practices like bullying, harassment and wrongful dismissal.
Chub, 2016 Private Company Risk Survey
Major claims by amount relate to crime - including employee fraud.
What is Marine Cargo Insurance?
Marine cargo insurance is cover that will protect your vessels and the materials you transport from numerous unforeseen instances.
Four Statistics Regarding Maritime Shipping in Australia
- The approximate value of Australia’s exports via the sea is $218.9 billion
- The percentage of Australian exports that depend on sea transportation is 99%
- Australian wharves saw 1597 million tonnes of cargo move
- Australia imported 99.3 million tonnes of cargo via marine transport
What Types of Businesses Need Marine Cargo Insurance?
If your business depends on the sea, either partially or in full, to send or receive products and other business requirements like raw materials, you likely need to look into marine transit cover. Some examples include:
- Operating a commercial watercraft
- Running a marina or boat storage facility
- Shipping materials or products overseas
- Repairing vessels
- Receiving goods and materials that require water transportation
What Are the Most Common Risks?
While unforeseen events can, and often do, impact all industries across the continent, the marine cargo business is especially subject to these situations:
- Storms and dangerous weather, which sometimes strike with little warning
- Piracy, who frequently operate with speed boats and the latest arms equipment
- Assorted calamities while your product is in transit
What Will Marine Cargo Insurance Generally Cover?
Each insurance policy has its own specifics. However, these are issues that most maritime insurance will cover. Consult with your Connect Business Insurance expert to learn the details of your policy.
TYPE OF COVER
- Insured Events
- Accidental Damage
- Fire, Explosion, Lightning
- Dropping of Goods During Loading or Unloading
- Impact of Goods With External Objects
- Malicious Damage
POTENTIAL BENEFITS
- These are spelled out by the insurer but frequently include damage caused by collision, fire, overturning, and more depending on your policy
- A physical loss that occurs because of a nonintentional action
- While fire damage usually is a part of marine cargo insurance cover, fire from a lightning strike or an explosion often needs to be specified within the policy
- These types of events are usually covered by a marine insurance policy
- If an external object damages goods, this damage is covered
- Destruction or sabotage carried out by a third party
What Will This Type of Cover Usually Exclude?
- A delay in the shipment
- Damage or loss due to acts of war
- Loss of market
Please note that the materials included in this post are for informational use only. The material presented here is not binding insurance advice. Please contact your Connect Business Insurance representative for knowledgeable and helpful information.
