Obtaining Ocean Cargo Insurance is a pretty straightforward process. The premium is calculated by your own estimations, it is what is known as stated or declared value. The higher the value you declare your cargo, the higher the premium and the higher the deducible.
The deductible is 1% of the total insured value. This is standard and not adjustable.
The total insured value is a calculation of your value of goods, the fright cost and the rate assigned for that class of cargo.
To make sure you are purchasing the right amount of insurance, follow these steps:
Types of Ocean Cargo Insurance
The three most popular risks in Ocean Cargo Insurance that we write are:
- Containerized goods
- Vehicle or vessel
- All Risk
There are certain items that we have to seek further underwriting approval on on before we can issue a certificate of insurance. We will notify you if we have any questions
