If companies need to ship items through foreign and domestic waters, marine cargo insurance can reduce liability during instances like piracy, theft, or acts of war.
With growing risks for ocean marine insurers such as natural catastrophes, the cost of marine cargo insurance can be substantial for business owners. Depending on the insurance company, minimum premiums tend to be around $1,500 per shipment, or equivalent to 0.1% to 2% of the cargo’s total monetary value.
For instance, a business transporting marine cargo worth $200,000 dollars may pay premiums costing somewhere between $2,000 to $40,000 depending on a range of factors and desired coverage options.
Like trucking insurance, the cost of marine cargo insurance can be impacted by several factors:
While the cost of marine cargo insurance can vary significantly, it is better to invest in higher amounts of coverage to protect the goods you carry.
Check out the rest of Assured Standard to learn more about how cargo claims can increase the cost of commercial truck insurance premiums!
Marie Brown is an insurance underwriter. She completed her Economics degree at the Massachusetts Institute of Technology. With her expertise and dedication, she ensures her clients’ insurance applications are approved.