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.
Target industries and commodities
Out of appetite
Automobiles
Raw cotton/hay as stock
Container leading
Retail over incidental to risk
Mobile phones
Standalone warehouse
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
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.
Perspectives
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About Munich Re Specialty
Munich Re Specialty – North America products and services are offered by and provided through insurance companies and producers/surplus lines brokers that are eligible or licensed in accordance with the laws and regulations of individual jurisdictions. Products and services are not available in every, and may vary by, jurisdiction. The information provided on this site is intended as general information only and does not constitute an offer to sell or a solicitation to purchase insurance or non-insurance products and services. Please be aware that the insurance policy and not any information provided on this site will form the contract between the parties thereto, and will govern in all cases. Munich Re Specialty – North America’s insurance products and services in the United States, Canada, and the United Kingdom are underwritten and provided by or through one or more of the insurers, producers/surplus lines brokers that are members of the Munich Re Group identified below. Each company is financially responsible only for insurance policies it has issued.
For more information on Munich Re Specialty, including licensing, regulatory-required, and other information on the operating companies, please click here.