Ocean Marine Cargo Insurance

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

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)

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.