Marine Cargo Insurance Coverage -


Rate:

1% of the value of the shipment as specified by the Shipper in the Shippers Inventory, in addition to any costs of packing and transport.

Example:  

declared value of contents                 $1,500.00
shippers estimated packing value           100.00
transportation costs                              500.00

                                              $2,100.00    total insurable value of shipment

Cost of coverage:   1% * total declared value =  $21.00 U.S.


Total Loss Coverage Terms & Conditions

  1. "Total Loss" shall be deemed to have occurred when the shipment does not arrive at the port of destination due to a loss of the vessel, container or piece when the piece is transported by vessel, but not transported within a container.  It shall also include accidental fires or explosions of accidental origin that result in the total loss of the piece or container.   
  2. "Arrival" shall be deemed to have occurred when the cargo has been transferred from the vessel to the dock or warehouse.
  3. Coverage shall commence when payment for coverage has been made and the shipment is loaded in the container that is destined to be loaded upon a vessel, or piece that will not be located in a container is otherwise loaded upon the vessel. 
  4. Proof of Loss shall be evidenced by written confirmation by the ocean carrier that the vessel or container was lost at sea or at the port and that the cost of recovery of the vessel, container or piece exceeds the reasonably recoverable value of said cargo.
  5. Upon sufficient evidence of proof of loss, the Insured shall receive the value of the policy purchased, in US Dollars within 90 days of presentation of such proof to the Insurer.
  6. Exclusion shall include any loss proximately caused by any intentional act of the insured, carrier, or other party with the intent to damage or deprive the lawful owners or possessors of the cargo or any part thereof.  
  7. Insured shall be the party that tenders payment of the coverage.
  8. Insurer shall be the party accepting payment for providing the coverage.
  9. Breakage, pilferage, damage due to packing, handling or conditions including moisture, temperature or infestation, shall be considered "Partial Loss" and not subject to compensation under these terms of this coverage.