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Marine cargo insurance

Protect your shipment from loss, damage, and General Average risks. Get expert coverage and claims support worldwide.

During sea freight transportation, your cargo is exposed to the risk of unexpected events. When situations put the ship in danger, costs are shared between the owners of the cargo and the vessel.

Most shippers do not realise they are partially legally responsible for the safe journey of the ship. Even if your cargo arrives safely, under General Average, you can be forced to pay for the losses and expenses of others that are incurred while saving a vessel in danger.

How General Average works

If you shipped EUR 1 million of machinery parts, you could be faced with a EUR 80,000 General Average claim for sacrifices made to save the vessel.

When your goods are not insured, you bear all the expenses. Cargo will not be released unless you provide a cash deposit or bank guarantee, negatively affecting your business. You are also obliged to arrange all necessary documentation for the General Average adjuster, which is complicated and time-consuming.

Cargo insurance protects you not only against loss or damage but also from events beyond your control during the voyage. In the event of General Average, the insurance company represents you on behalf of the cargo owner towards the average commissioner.

Typical examples of General Average sacrifices

  • Jettison of cargo (throwing cargo overboard to lighten the vessel)

  • Hull and engine damage caused by efforts to refloat

  • Tugs engaged to assist refloating

  • Hull and cargo damage caused by firefighting

  • Discharge and reloading of cargo at a port of refuge

General Average example claim

infographic with information about general average example claim

Without cargo insurance

  • All expenses are on the cargo owner

  • Unless you provide a cash deposit or a bank guarantee, your cargo will not be released

  • You have the obligation to provide all documentation to the General Average adjuster

With cargo insurance

  • Institute Cargo Clauses fully cover all General Average expenses

  • No need to worry about bureaucracy or documentation

  • Continue your business with total peace of mind

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Institute Cargo Clauses (ICC)

Learn more about the various clauses and how they impact your maritime shipments.

Read more