Ocean Marine Cargo Insurance
© Felix Cesare / Getty Images

Ocean Marine Cargo Insurance

Protecting your assets in transit worldwide.

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    Marine cargo underwriting and risk mitigation services

    Our specialized ocean marine cargo solution is focused on protecting our clients’ assets while in transit, delayed in transit, and in storage. We offer a range of comprehensive coverage options with financial backing, tailored underwriting, and risk mitigation services. Munich Re Specialty leverages the strength of Lloyd’s, providing our partners with flexible solutions for complex, out-of-the-box risk scenarios associated with global supply chain disruptions and risks alike.

    Capacity up to $25m
    We now offer increased capacity of up to $25m per any one risk at a location. That means you can keep your clients’ cargo adequately insured with faster binding times and without complicated layering policies. This includes general cargo, project cargo, and stock-throughput coverages. Learn more about our appetite and the areas we cover in our appetite guide.
    Download Appetite Guide
    Ocean
    © [M] Munich Re [P1] narvikk / Getty Images [P2]

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    Target industries and commodities

    General cargo
    Most international and domestic shipments
    Alcohol/liquor distribution
    (except winery/vineyard or distillery exposure)
    Containerized liquid and dry bulk
    Breakbulk
    Project cargo
    Owner or contractor-controlled projects
    Midstream/downstream petrochemical, oil, and gas
    Power generation
    Mining
    Pharmaceutical plants
    Terminal expansion

    Out of appetite

    General cargo

    Automobiles

    Raw cotton/hay as stock 

    Container leading

    Retail over incidental to risk

    Mobile phones

    Standalone warehouse

    Pharma over incidental
    Project cargo
    DSU on a standalone basis
    Satellite prelaunch
    New coal-fired power plant

    Ocean Marine Cargo coverage

    Capacity

    General cargo

    • General cargo/stock throughput: $25,000,000
    • Cargo liability: $25,000,000
    • Motor truck cargo: $2,500,000

    Project cargo  

    • Project cargo and delay in start-up: $100,000,000

    Territory

    • Worldwide

    Coverage details

    General cargo

    • General cargo
    • Stock throughput
    • Cargo legal liability
    • Motor truck cargo (non-standalone basis)
    • Warehouse legal liability (non-standalone basis) 

    Project cargo

    • Project cargo, including delay in start-up (DSU)

    Value-added services

    Partner benefits
    In-house claims team
    renowned for quality handling of all aspects of loss recovery
    Rapid turnaround
    time from local underwriters
    Regional appetite
    with significant aggregate available
    Significant local capacity

    Claims scenarios

    Cargo theft during transit

    This is a claims scenario, where in spite of significant security measures, the truck transporting high-value electronics was hijacked by thieves while in transit. This resulted in all the cargo being stolen, but neither the trucking company nor the logistics service provider were at fault. In this instance, since the cargo owner had comprehensive insurance coverage for the cargo, they were fully reimbursed for the stolen goods. 

     

    Damage due to rough seas

    Bad weather, rough seas, storms, and more are always a possibility when transporting goods by sea. In this claims scenario, a cargo vessel encountered severe weather conditions while at sea. Which in turn caused the containers to shift and goods to become dislodged, resulting in partial damage to the shipment. Fortunately, the shipper had cargo insurance that covered losses due to perils of the sea. So, when they filed their claim for the damaged goods, they were compensated for the financial losses incurred. 

    Contact our experts
    Benjamin Cruz
    Benjamin Cruz
    Vice President, Ocean Cargo
    Munich Re Specialty

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