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Marine insurance covers sea, land, multimodal and air freight. Often termed cargo or transit insurance, this type of cover is very flexible, ranging from basic limited cover to comprehensive bespoke cover. Cargo risks are taken on by the marine departments of a wide number of insurance companies, and by many Lloyd’s of London syndicates, and cover most eventualities. The need for marine insurance is driven by the exporter’s very limited control over the safety of the cargo once it is handed over to the carrier for shipment. Even if the carrier can be held liable for the safety of the goods, rates of compensation may cover only a portion of the value of the goods.
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