What You Need to Know About Single Cargo Marine Insurance for High-Value Goods

Introduction

With the UAE establishing itself as a global maritime hub with frequent shipments of high-value goods through national and international trades, marine insurance is no longer optional here. It is a mandatory requirement for UAE businesses across all industries including logistics, manufacturing, and distributing which involve maritime-related activities to transport their valuable products.

Understanding and obtaining marine insurance helps to safeguard goods against possible risks. But, many times, important details about the insurance are missed out by policyholders. As a result, either they cannot get their claims settled at the time of need or struggle to get their preferred coverage limits. So, this blog is here to let you know about marine insurance designed to protect high-value goods.

The Key Aspects of Single Cargo Marine Insurance

Comprehensive coverage against risks:

Single Cargo marine insurance provides broad coverage against various risks including fire hazards, explosions, collisions, derailment, natural disasters, etc. Additionally, it protects high-value goods against the impacts of the activities of piracy, terrorism, etc. in case any war or war-like situation takes place, the policy, if its coverage has been modified beforehand accordingly, the insurance broadly covers the financial loss due to damage and loss.

Specific insurance coverage:

The single cargo marine insurance policy is designed mainly for any particular journey or voyage, whether by sea, land, or air. Once the specific journey is over, the policy coverage is likely to get dismissed and you may have to look for another comprehensive insurance package or renew the existing policy that may cover all risks in your next one-time shipment.

Ability to fulfill compliance requirements:

In many cases, the importers or exporters find marine insurance coverage as a mandatory requirement for the shipment of high-value goods. Obtaining single cargo marine insurance, therefore, helps you comply with essential laws and regulations.

Customization options:

Single cargo marine insurance policy, when obtained from trusted advisory platforms, offers a wide range of customization options that you can use to ensure comprehensive protection for your shipment of high-value goods. However, to get the best customization options, taking the help of reliable advisory platform is a wise move as it makes the process quicker than ever.

Versatile add-ons under the policy:

There’s nothing better than a suitable single cargo marine insurance policy for safeguarding your ships and the high-value assets inside them. On the one hand, the insurance offers a wide range of benefits. At the same time, multiple additional coverages are available under the insurance which can include the benefits that are usually excluded from the policy coverage. For example, terrorism and war are sometimes not part of the regular marine insurance coverage, which can be included in the policy by paying an additional premium amount.

As a single transit policy, single-shipment marine insurance covers all expenses arising from damage or losses on the ship or of the goods. However, the risks which cause the impacts should be included in the insurance policy.

Situations Where the Insurance Can be Applied

• Loss or damage to the goods due to fire
• When damages take place during the loading or unloading of the goods
• When any collision or derailment occurs and the ship along with its goods gets damaged
• In case of natural disasters like storms, earthquakes, etc. take place leading to damages or losses

Besides all these scenarios, there are many other situations where single cargo marine insurance can be applicable. Discuss with your trusted insurance advisory platform beforehand to note all possible situations where you can leverage the benefits of the insurance.

About CoverB

As a trusted advisory platform in the UAE, CoverB helps to obtain a wide range of corporate insurance policies including marine insurance policies for one-time freight and shipments. Small and medium business owners, companies manufacturing and distributing high-value goods, and others can obtain insurance effortlessly with the help of CoverB experts. Besides this policy, With its team of experts, CoverB is everyone’s one-stop destination for all types of insurance needs.

Final Words

When your business or professional life is widely associated with maritime activities in the UAE, single cargo marine insurance is indeed a crucial investment for you. It not only works as a risk management tool but also helps protect your assets by safeguarding valuable goods that you’re liable to transport. It covers shipments at a reasonable premium amount so that you don’t have to think about investments out of your budget to protect your shippable goods in single shipments. Obtain the policy today and give yourself complete peace of mind.