Ocean Cargo Insurance provides a fundamental service to international trade, it gives buyers and sellers the security to send goods into foreign markets and enables banks and other financial institutions to finance these transactions.
At Fireman's Fund, we don't rely solely on our past experience. We take a fresh, imaginative approach to each risk to create flexible solutions that give our clients a competitive advantage.
Coverage Profile
The cargo policy provides coverage for loss or damage to goods being shipped on all types of conveyances. Coverage commences when goods leave a warehouse (point of origin) and terminates at a warehouse (point of destination).
Customer Profile
Any person, firm or corporation who has a direct or indirect insurable interest in the transportation of goods moving anywhere in the world is an eligible prospect for an Open Cargo Policy. Assureds include manufacturers, wholesalers, freight forwarders, importers, exporters, banks, suppliers, processors and distributors.
The purchaser of ocean cargo coverages may be the owner of the goods (direct insurable interest) or may act on behalf of others in obtaining Ocean Cargo Insurance for their account (indirect insurable interest).
Ocean Cargo Coverages
While Ocean Cargo Insurance is known as the oldest form of indemnification, it is also one of the most modern and flexible forms of insurance. The policy is constantly updated to keep pace with new products, changing transportation methods, economic developments and market trends in all parts of the world.
Coverage can be tailored to your needs. The basic ocean cargo policy covers perils of the sea such as fire, theft, jettison and barratry of the master and crew. However, all-risk coverage is available and is the norm in today's market.
The policy can be endorsed to add domestic and/or foreign inland transit, domestic and foreign storage, exhibition and installations.
