Insurance Broker’s Introductory Guide to Marine Cargo Insurance


Written and designed for the insurance broker, this introductory guide will offer much insight into the world of marine cargo insurance from INCO terms to letters of credit, from particular average to general average. You will gain an understanding of the way an open cargo policy works and how it can benefit your client. You will also be introduced to the main provisions of the Institute Cargo Clauses and a comparative analysis of the types of cover offered in the market from “all risks” to named perils.

Product Description

International trade is inextricably linked to marine cargo insurance! As an insurance broker, many of your commercial clients, whether they be manufacturers, distributors, exporters or importers, will be involved in some way in the movement of goods, materials and merchandise overseas. Whenever goods are moved – across an ocean or across a Continent – marine cargo insurance protection is necessary. It is therefore an important step to tap into this very specialized but essential area of insurance. This publication – which is designed for the insurance broker – will provide you with the tools and resources required to meet your client’s risk management needs. You will be introduced to the inner workings of international trade including INCO terms, the international language between buyer and seller. You will also gain an understanding of the main provisions of an open cargo policy and how it brings many benefits to your client in order to protect their investment in the goods being shipped. You will also learn about the main provisions of the Institute Cargo Clauses A B and C as well as some insight into the differences between the 1982 and 2009 clauses. Lastly, you will be introduced to the doctrine of general average and gain some understanding of the types of particular average claims that can occur in the course of an international transit by sea or air. This will include claims handling procedures and documentary requirements for the processing of a marine cargo claim.