Your goods are exposed to risks whether in transit by land, sea, air, post or courier or whilst held in storage in transit warehouses. The financial consequences of lost or damaged cargo could mean serious impact to your business.
MSIG, one of the most established international insurers, has the cover solutions to suit shippers of goods according to their requirements. Protection ranges from the comprehensive “All Risks” or commonly known as “A clauses” insuring accidental loss or damage to the basic coverage of the “C clauses” against loss or damage from specified maritime perils such as vessel sinking, stranding or in collision.
Choose from a range of different cover arrangements available – Open Policy, Annual or Single shipment policy to suit your shipment needs.
Suitable for those with regular cargo movements, an Open Policy is an automatic facility insuring shipments on terms, cover limits and conditions pre-agreed from the outset. This mode has the ease of administration as all shipments are declared individually or on monthly intervals to the insurer for documentation and billings.
The Policy remains “open” until cancelled in writing by either the Insured or insurer.
With similar features as the Open Policy, the Annual Policy is the perfect solution for business with high volume shipments. A cost efficient and time saving arrangement, all shipments on pre-agreed limits, terms and conditions are automatically insured throughout the entire policy period. There is no necessity to file shipment declarations to the insurer. The estimated annual turnover at the start of the policy period is used to formulate the deposit premium at the commencement of cover. This is then adjusted at the end of each policy period against the actual turnover for the entire policy period to be declared by the Insured.
Being an annual policy, the cover is renewable at end of each policy period and the process of estimation of shipment turnover is reviewed again for the future period.
Catering to the occasional shipment request, the Single Policy mode is done on a need basis and individual policy issued for each and every shipment where cover is required.
To know more, please Contact Us or your Insurance Representative.
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