General Cargo and Stock Throughput
We provide the full scope of marine cargo covers available. Our marine cargo rates are competitively priced and our terms and conditions are relatively flexible allowing your client to obtain the proper reinsurance coverage.
Addressing the needs of exporters or importers, the Cargo policy provides worldwide coverage for goods in transit from warehouse to warehouse and can be tailored to fit the Insured’s specific needs. Coverage for goods moving by land, sea or air can be expanded to include domestic transit, warehousing or consolidation as well as covering war, strikes, riots and civil commotion.
Annual turnover policies, open cover, or single shipment cover can be arranged; whatever the mode of transportation may be (either via sea, air, road, or combined).
The Insured’s goods can be covered for physical loss or damage from external causes including but not limited to Theft, Robbery and Hijacking, Shortage and Non-Delivery, Landing, warehousing and forwarding charges incurred as the result of an insured peril, General Average losses and General Average contributions, Loss or damage resulting from war risks, strikes, riots and/or civil commotion.
Stock Throughput
Stock ThroughPut (STP) policies are designed for companies that import, distribute, or export merchandise. The policy provides cover for all movable goods (inventory) that are the subject of the insured’s trade, including raw materials, semi-finished, and finished products. The goods are covered at all times whether in transit, undergoing process (although damage caused by the manufacturing process is excluded), or in storage at owned or third party premises.
Stock Throughput (re)insurance covers your clients’ goods (assets) against physical loss or damage anywhere in the global supply chain, in transit, and in storage as company owned inventory. Stock Throughput (Re)insurance combines the traditional marine cargo, inland transit and inventory insurance policies purchased individually in the marine and property markets.
The use of STP policies has grown recently, as the marine carriers remain soft in their pricing versus property “all risk” carriers, whose rates are currently transitioning upward. Considering a STP allows for the removal of the inventory from a property policy; in many cases, this may subject the inventory to a lower rate, thus saving premium dollars.
We currently provide coverage for various industries and trade sectors, such as chemical and petrochemicals, communications, construction, consumer products, food and beverages, pharmaceuticals, industrial products, and public entities. Also, we can assist with the placement of Fine Art and Cash in Transit coverage.
Additionally, we are able to provide straightforward cargo coverage for some of the most unappealing products such as Fertilizers, Coal/Coke, Metals, Sugar, Perishables and more.
In order for us to approach our underwriters for a biddable quote, all we require is an email submission slip with a fully completed proposal form outlining all the details of the account. Needless to say, the better the details, the likelihood of obtaining favorable terms for our client is much higher.
Please contact us for discussions regarding the parameters of cover needed.