What is Marine Transit Insurance?
If your business takes you across the seas, you can be exposed to risks from mother nature, misadventure and even piracy.
Such risks can prevent your commercial vessel, cargo or truck from reaching its destination, or cause costly damage during voyage.
Marine Insurance refers a range of insurance products which help protect your business from loss or damage to vessels and cargo. It can cover the door to door delivery of goods worldwide, by sea, road, rail and air - including their storage on the way.
Who should consider it?
Marine transit insurance is important for businesses involved in shipping or receiving goods, operating watercraft commercially, repairing vessels, running a marina and more.
Marine insurance can provide valuable cover on both land and sea for:
- Importers and exporters
- Marina owners
- Mining companies
- Tourism operators
"In FY2017, the value of Australian exports of goods and services was A$373.2 billion. That represented an increase of A$53.7 billion on the previous year's outcome."
Australian Trade Commission, Australia's Export Performance in FY2017
Did you know?
99% of Australian exports use sea transport (Department of Infrastructure, Regional Development and Cities, Maritime, 2018)
1597 million tonnes of cargo is moved across Australian wharves in 2015-16
(Department of Infrastructure, Regional Development and Cities, Statistical report, Australian sea freight 2015-2016, 2018)
The value of Australia's exports by sea was $218.9 billion in 2015-16 (Department of Infrastructure Regional Development and Cities, Statistical report, Australian sea freight 2015-2016, 2018)