Marine Cargo Insurance Broker: Global Protection for Your Goods in Transit
Global trade is the lifeblood of the Australian economy, but the journey your goods take is fraught with peril. From rough seas tossing containers overboard to theft in a holding warehouse or a truck rollover on an Australian highway, the risks to your inventory are constant.
At Assurance Life Pro, we ensure that a lost shipment doesn’t become a lost business. As your dedicated Marine cargo insurance broker, we specialise in protecting the value of your goods from the moment they leave the supplier until they arrive at your door. We provide robust marine freight insurance that closes the dangerous gaps left by standard logistics contracts, giving you the confidence to trade globally.
What Is Marine Cargo Insurance? (It’s More Than Just Boats)
Despite the name, “Marine” insurance is not limited to ocean travel. It is the industry term for Transport Insurance. It covers physical loss or damage to freight while it is in transit by Sea, Air, Road, or Rail.
A comprehensive policy arranged by a broker provides “Warehouse-to-Warehouse” protection. This means your stock is covered from the moment it is loaded onto a truck at the factory in China (or anywhere else), throughout the ocean or air voyage, and during the final delivery to your Australian warehouse. Without this specific marine cargo insurance coverage, your goods are vulnerable for weeks at a time.
Who Needs Marine Transport Insurance?
If you buy, sell, or move goods, you likely carry the financial risk for them during transit.
Importers & Exporters
This is essential for any business bringing stock into Australia. Many importers mistakenly believe their supplier or the shipping line covers the insurance. Often, they don’t, or the coverage is minimal. We help you understand exactly when the risk transfers to you (based on Incoterms) and ensure you aren’t left holding the bill for a container that falls into the Pacific.
Manufacturers & Distributors
Even if you only move goods within Australia, you face risks. A marine transport insurance policy protects your finished products or raw materials as they move between interstate depots or out to customers. If a third-party courier crashes and destroys your shipment, you need your own insurance to guarantee full replacement value.
Key Benefits: Why "Carrier Liability" Isn't Enough
A common trap for business owners is thinking, “My freight forwarder or courier is liable if they lose it.”
This is rarely true. Logistics companies operate under “Limited Liability” conditions. If they lose your goods, their payout is often capped by weight (e.g., only $20 per kilogram) rather than the actual value of your products.
The Benefit: Our policies cover the full commercial invoice value of your goods, plus the cost of freight and insurance (CIF + 10%), ensuring you are fully reimbursed for the loss of the sale, not just the weight of the box.
The Broker Advantage: Navigating Incoterms & General Average
Marine insurance is legally complex. As your Marine cargo insurance broker, we guide you through the two biggest pitfalls:
Incoterms: These are the international rules (like FOB, CIF, EXW) that dictate who pays for shipping and insurance. We review your contracts to ensure you aren’t paying for insurance you don’t need, or worse, assuming you are covered when you aren’t.
General Average: This is a maritime law where if a ship is in danger (e.g., fire) and the captain sacrifices some cargo to save the vessel, all cargo owners must pay a share of the cost to release their goods—even if your specific container was untouched. Our policies automatically cover these massive “General Average” costs.
The Process: From Quote to Cover
We offer two main ways to insure your freight, depending on your volume:
Single Transit Policy: Ideal for one-off shipments (e.g., importing a piece of machinery). We quote based on the specific voyage and value.
Annual Open Declaration Policy: Best for regular importers. You pay a premium based on your estimated annual turnover. You don’t need to declare every single shipment; all your goods are automatically covered year-round.
Timeline:
Quote: Typically 24-48 hours.
Binding: Immediate. We issue a Certificate of Marine Insurance which you can provide to your bank or supplier.
Eligibility & Application Steps
Applying is straightforward. To get an accurate quote, we will ask for:
Type of Goods: What are you moving? (Electronics, furniture, chemicals, etc.)
Voyage: Where from and where to? (e.g., Shanghai to Melbourne).
Conveyance: Sea freight or Air freight?
Value: Cost of goods + Freight cost.
Don’t let your profits sink with a damaged shipment.
FAQs on Marine Cargo Insurance Broker
My supplier says they insured the goods (CIF). Why do I need a broker?
When you buy on "CIF" (Cost, Insurance, and Freight) terms, the supplier arranges the insurance. However, this is often "phantom" cover. It is usually the cheapest possible policy, held with a foreign insurer who may not speak English or pay claims easily. If damage occurs, you are the one who has to chase a company in China or Vietnam for a payout. As your Marine cargo insurance broker, we recommend "FOB" (Free on Board) terms, where you control the insurance in Australia, guaranteeing you have a local advocate and a policy you can trust.
Does this cover my goods while they are stored in a warehouse?
Yes, but with limits. Standard marine cargo insurance coverage includes "incidental" storage during the ordinary course of transit (e.g., waiting at the wharf for 3 days). However, once the goods arrive at your final warehouse and are unpacked, the marine policy ends. You then need a Business Insurance or "Stock Throughput" policy to cover them for long-term storage.
What is "General Average" and why does it matter?
This is the scariest term in shipping. If a container ship catches fire or runs aground, the salvage costs are enormous. Under maritime law, the shipowner can declare "General Average," forcing every cargo owner on that ship to pay a percentage of the salvage bill before their goods are released. This can cost you tens of thousands of dollars, even if your cargo is perfectly fine. A comprehensive marine policy covers this liability for you.
Does marine insurance cover delays?
Generally, no. Standard marine freight insurance covers physical loss or damage (storm, sinking, theft, fire). It does not cover financial loss caused by delays (e.g., the ship arrives 2 weeks late and you miss the Christmas sales window). This is a standard exclusion globally.
Can I insure goods I am sending by courier (e.g., DHL/FedEx) within Australia?
Yes. We call this "Inland Transit" insurance. While couriers offer their own "warranty," it is often expensive and riddled with exclusions. An annual marine transport insurance policy can cover all your domestic movements—whether by Australia Post, StarTrack, or your own truck—often for a much lower cost than paying the courier's insurance fee every time.