All-Risk & Named Perils Cargo Insurance policy

All-Risk & Named Perils Cargo Insurance policy

All-Risk
An all-risk cargo insurance policy will cover any physical loss/damage from any external cause. An all-risk policy will list any exclusions that are not covered, which can be added on to the policy as an additional clause. TRG Marine™ only writes all-risk annual policies because of the many benefits.

Named Perils
Named perils policies will list what is covered under the policy. These policies will not cover theft!
Free of Particular Average (FPA) - Covers stranding, sinking, burning, collision, fire, lightning, crash.
With Average (WA) - This is not a common type of policy anymore. It covers stranding, sinking, burning, collisions, heavy weather, fire, lightning, crashing.

Shipment - by - Shipment (Through a carrier)
If you are insuring your goods shipment-by-shipment, you are most likely not covered for:

• Acts of God - e.g. heavy weather, earthquake, lightning, etc
• Acts of war - acts of strikes, riots or civil commotions
• Latent defects in the hull or machinery
• Criminal acts or negligence by the master or crew
• Unseaworthiness of the vessel

C+I+F
Seller owns the goods until they are loaded onto the vessel. Selling price includes all costs so far, plus the costs of the cargo insurance.

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