On the seas, in the air or on land, cover is required for goods whilst on the move, and it is important to know who is responsible for the insurance of these goods.
You will have heard the most common Marine Transit terms such as “Ex Works”, “Free on Board”, “Cost & Freight” and “Cost, Insurance & Freight”, but do we all fully understand them, and the cover implications?
These terms distinguish at what point of a journey if damage occurs, who would be responsible from the factory or sellers’ premises, carrier, port of loading, port of discharge, onward distribution, buyers’ premises or final destination.
Transit cover can provide essential and inexpensive peace of mind, especially when considering the value of the goods at risk. It is prudent for the owner of the goods to insure the subject matter, and be in control of cover at all times. Goods traveling around the World face a range of perils. Owners cannot always rely on freight forwarders, hauliers, airlines conditions of carriage for compensation which may limit or exclude liability leaving your policyholder to face a financial loss.
Marine Cargo provides you with excellent cross selling opportunities. Contact our Marine Transit specialists for more information. They can even provide you with some technical training so that you become better educated in overcoming obstacles when your client says, “I don’t require Marine insurance because I sell Ex-Works or I sell FOB”