International export trading can be tough. You pack your product up as well as you can, but how well is it going to be protected once at sea? Whole containers have sometimes been washed off the decks of a cargo ship. Salt water can seep in during the voyage, spoiling the goods inside. As well as natural risks, there are man-made ones like piracy. That's a growing threat, in some waters.
Your goods may not even be safe in port. Theft and pilferage are risks - or goods can be dropped when loading or unloading, or damaged while in the warehouse. The Tianjin gas explosions a couple of years ago were an exceptional event - but what happened if you had goods stored or being transhipped at the site?
And as an exporter you know that your customer wants those goods undamaged, and wants them now! It only takes one cargo to go missing and you can soon find yourself in trouble.
If you're importing, you might need cover, too. If you don't protect your goods, you could lose out. You may have paid for goods in advance; will you be covered if they don't arrive, or are spoiled en route? That's why you need marine cargo insurance to protect you against the risks you run when you have goods in transit. It's always better to be safe than sorry.
You might want cover for a single voyage. Or you might want to cover cargoes under a longer term contract, or indeed annual cover. However you buy your marine cargo insurance, though, you'll still get the peace of mind that comes with it.
Basic marine cargo insurance offers you security against accidental physical loss or damage. Depending on the insurance you choose, you can also add different options for further protection.
Your goods can be covered while they're in warehouse storage
Consolidation risk can be included. If your goods get damaged when they're being transferred into a container, or damaged by other people's goods you're sharing shipping with - you're covered.
If your goods finish their journey by truck or train - that's another optional extra.
If goods arrive late that can be as bad as not arriving at all - for instance if you're importing seasonal sales items or if you're using just-in-time manufacturing methods. Insure against delay, and you're covered.
Marine cargo insurance is a specialised area. Successful insurers need to understand international maritime law and to have an extensive support network in different countries. That's why we work with the best and most experienced professionals to find the solution that's right for you.
Whether you're an importer or an exporter, a freight company or a logistics operator, you'll need the right insurance to cover you against your specific risks. The right policy will give you peace of mind and ensure you don't lose out financially if things go wrong.
If you need marine cargo insurance and you want to know what we have to offer, then take the first step to protecting your cargo and talk to us now.
We work with the following major general insurers in Singapore as such:
icon-star AVIVA Ltd
icon-star AXA Insurance Singapore Pte Ltd
icon-star AIG Asia Pacific Insurance Pte Ltd
icon-star China Taiping Insurance (Singapore) Pte Ltd
icon-star EQ Insurance Company Ltd
icon-star Liberty Insurance Pte Ltd
icon-star MSIG Insurance (Singapore) Pte Ltd
icon-star NTUC Income
icon-star Overseas Assurance Corporation (OAC)
icon-star QBE Insurance (International) Limited
icon-star RSA – Royal & Sun Alliance Insurance Plc
icon-star Tokio Marine Insurance Singapore Ltd.