Ocean Marine Cargo Insurance

Protecting your assets in transit worldwide.

Contact our experts

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

1 of

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.