An all-risk cargo insurance policy is the most comprehensive shipping insurance available. Any physical loss/damage from any external cause will be covered under this policy, and any exclusion not covered will be listed on the policy. These exclusions can be added to the policy as an additional clause. An annual open cargo policy automatically insures your shipments on set terms, conditions, and rates without the need to contact your insurance broker or company. Learn more about the different types of shipping insurance.
In regards to warehouse coverage, an annual all-risk shipping policy extends to goods temporarily stored during normal course of transit. However, if the goods are stored outside the normal course of transit, like an importer’s warehouse before shipment to customer, warehouse coverage must be added to insure the goods.
Domestic cargo insurance coverage pertains to goods on a bill of lading that were split during the normal course of transit and continued to separate end destinations.
When the terms of sale include insurance coverage up to the title transfer of goods, the buyer may purchase additional insurance from the provider known as a contingency policy. A contingency policy will provide insurance coverage for the goods once the title has transferred and the goods are no longer covered under the seller’s insurance policy. If goods are damaged upon arrival to the buyer and the title has transferred, the policy would pay the damage and the buyer’s insurance company would subrogate against the seller’s insurance. TRG Marine™ can write contingency policies.
Basis of Valuation CIF + 10% or 110% Valuation means the standard valuation for both annual volume reporting and payment of cargo insurance claims, unless otherwise requested, is 110%. The total premium owed is calculated using the policy rate times 110% of the total cost of goods. Any covered losses are paid at 110% of the cost of goods, including freight and insurance premium of the shipment less deductible amount.
Watch our Marine Cargo Insurance webinar for a deeper look at why you need to be protected.
TRG Marine’s™ quote is so much lower than your current provider’s because Lloyd’s of London has been around for over 300 years. This experience brings greater understanding, further market relations, and added intelligence to your specialized risk.
With the diversity of the cargo insurance market, many insurance agents scramble to find a policy to “fit within a box.” At TRG Marine™ our cargo insurance specialists don’t work “inside of the box,” allowing them to find a custom solution and deliver very competitive rates. Get a quote for your shipping insurance to see what they can do for you.
Getting an annual all-risk cargo insurance policy quote is simple. All you have to do is fill out a quote application either online or over the phone. We can help you through the process, and once the application is complete, it only takes 2-3 business days for us to respond with our rates.
Yes, the minimum annual premium with annual adjustment available on a TRG Marine™ policy is $1,550. As the insured, you will be required to make an annual deposit upon binding of a policy.
The standard deductible is $1,000, however, options are available upon request for rate adjustments. Please be sure to allocate your deductible on the designated field within your request for a shipping insurance quote.
In the event of a cargo/shipping insurance claim, TRG Marine™ works as a liaison between you and the insurance company. With years of experience and dedication to assisting our customers, you can be sure to have excellent claim support and guidance. To learn more, read TRG Marine’s™ guide to claims mitigation.
Although it’s possible that your goods are less prone to loss or damage, you should still have a marine insurance policy in place. Your cargo always runs the risk of a ship sinking, a plane crashing, or some other catastrophic event.
You are also vulnerable to General Average losses. In a recent study, it was concluded that a shipper will be involved in a General Average incident once every eight years. Without a cargo insurance policy in place, this type of incident could potentially lead to a business ending situation.
Chances are cargo insurance is not too expensive for your company to purchase, but before this can be properly answered we would need to take a look at your volume by having you fill out an application for a shipping insurance quote. Then, utilizing our buying power, we can come up with cost estimates. At the very least, if you currently have a policy, we can review it and suggest ways it could be improved. It costs you nothing to obtain a quote or advice from TRG Marine™.
If you cannot find a company that will insure your type of risk, chances are you haven’t reached out to TRG Marine™. Our volume is much greater than yours, giving us the ability to arrange contracts that you may not be able to. Call us and find out, it costs nothing to get a quote for your shipping insurance.