Ocean Cargo Insurance Coverage
In short Ocean Cargo insurance provides coverage against physical damage or loss of goods during shipping.
Insurance is necessary because various laws limit the liability of carriers. In many cases the carriers’ liability is limited to either $500 or none.
While Anchor Marine has the ability to insure all types of cargo, however; our expertise is in insuring vessels as cargo.
Because of the increased hazards and substantial values at risk, many insurance companies are reluctant to insure yachts while being shipped.
To make shipping yachts easier Anchor Marine an ocean cargo program to cover vessels being shipped on a global basis.
The program is currently available to all active members of both the Northwest Yacht Brokers Association and the California Yacht Brokers Association.
This very broad coverage is written by International Marine Underwriters. By combining the shipping volume of the members, we are able to obtain extremely competitive rates with no minimum volume requirements.
Below are some of the coverage highlights:
*The policy will automatically provide comprehensive “all-risk” ocean cargo insurance coverage for member’s shipments from either the Far East or Europe to either the West or East Coast of the United States and Canada.
*Each yacht will have a deductible of 1% of its value, with no deductible applying to a Total Loss, General Average, nor claims resulting from the vessel being stranded, sunk, burnt, on fire or in a collision.
*Presold yachts will be valued for the full amount that the vessel was sold. For Inventory boats will be valued at dealers’ total cost plus 10%.
*The rate being charged includes coverage for war, duty, and terrorism.
*No exclusion for marring, denting, scratching, or chipping.
Call us or e-mail us for a marine cargo insurance quote today!