Control Cost and Cover
Helping importers and exporters take control of cost and cover
For hundreds of years, merchants have been protecting themselves against the risks of loss or damage to goods during shipment.
A modern marine cargo policy typically covers imports and exports, including any temporary storage during transit, and domestic carriage.
A “stock throughput” policy extends this so as to cover import, storage after arrival and subsequent distribution (domestic or international) all under one policy.
Advice for Importers and Exporters
The responsibility for arranging marine cargo insurance is largely dependent on the terms of the underlying sale/purchase contract between the seller of the goods and the buyer.
- Don’t rely on the supplier to insure the goods
- Don’t rely on the carrier to “cover” the goods
Benefits of Cargo Insurance
As well as the direct benefits explained on the following pages, a range of extensions allows cargo policyholders to tailor their own cargo policy to also cover:
- domestic sales and purchases
- non-sales movements between their own premises, at home or abroad
- storage after arrival, before final delivery, at home or abroad
- exhibitions or demonstrations, at home or abroad
- engineers’ tools and representatives’ samples, at home or abroad
For more information download our useful guides found here under the Cargo title or contact your local NMU Development Underwriter.