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 the voyage.
Marine transit insurance refers to 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.
The Australian maritime sector has an estimated annual revenue of $5.76 billion and added approximately $2.03 billion to the Australian economy in 2019-20. Australia is the fifth largest user of shipping services in the world, and 80% of Australia’s imports and exports by value are carried by sea.” Australian Industry and Skills Committee, Maritime, 2022
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:
Freight forwarders
- Importers and exporters
- Marina owners
- Mining companies
Primary producers
- Removalists
- Tourism operators
- Wholesalers