Of necessity we cannot give anything but a brief overview of Marine Insurance. Marine Cargo Insurance occupies an important position in international trade and while it is primarily concerned with the protection of ocean-going cargo, it also covers against the hazards associated with connecting land conveyances as well as shipments by air.
Cyprus Global Logistics offers comprehensive cover with esteem Insurance Brokers originating on our strong partnership and a continuous contract designed to insure your cargo at remarkably low premium rates based on a valuation formula tailored to conform to trade customs.

Prepare for all eventualities
Thanks to our experience in freight forwarding and the trusted partner agents we work with, the vast majority of goods make a successful journey overseas and arrive at their final destination safely and on time.
Unfortunately, despite the best efforts of all concerned, there is the odd occasion when things don’t go exactly to plan. Sometimes this can result in goods arriving damaged or, in extreme cases - not at all due to acts of God, loss or theft en route.

Ensure you’re insured
Although such a situation would be extremely problematic for all concerned, as long as you’re covered by Marine Insurance you will not lose out financially.
Marine Insurance can be a complex subject but it is highly recommended that you obtain expert advice and take the time to gain at least a basic understanding of the principles involved. This will enable you to make an informed decision as to who should be responsible for insuring the goods in question.

A brief explanation
In simple terms, goods should only be insured for transit by one (and only one) of the following three parties:

• The seller of the goods (the exporter)
• The buyer of the goods (the importer)
• The forwarding agent

Make sure you know who is responsible for insuring the goods and, make sure that they are also aware it is their responsibility.

It’s worthwhile noting that the forwarding agent will never insure goods automatically. They must receive specific instruction to do so by their client.

The seller or buyer should agree between themselves who is responsible for insurance at the outset of the contract. It is also advised that this agreement is incorporated within the ‘Terms of Sale’. All major banks, forwarding agents, Chamber of Commerce and other advisory organizations, strongly recommend the use of INCOTERMS 2000 for this purpose.

Word of warning
Never assume that someone else is responsible for insuring your goods during transit. Find out for sure. Otherwise your consignment could be traveling without cover or, at best with only limited liability. Hopefully you’ll never need to claim on the insurance but if you do, make sure you’re fully covered.
For more detailed and specific advice on the Marine Insurance terms applicable, our competitive rates and the simplified claims handling procedures, please do contact our office.