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How Much Does Marine Cargo Insurance Cost?

How Much Does Marine Cargo Insurance Cost?

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. 

Factors Impacting The Cost of Marine Cargo Insurance 

Like trucking insurance, the cost of marine cargo insurance can be impacted by several factors:

  • Route Type: Some marine routes can be considered more high-risk than others, especially if ships pass through areas that have more piracy or those that experience more natural calamities
  • Destination: Insurers may charge companies more if their goods are traveling to countries or locations that experience political instability, hazardous terrain, or are experiencing warfare
  • History of Loss: If a business has a history of multiple cargo claims, insurance companies are likely to charge higher premiums 
  • Type of Goods: Precious commodities or hazardous materials may cost more to insure compared to other types of goods 

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!

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