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Marine Cargo Insurance

Marine Cargo Insurance

International trade represents one of the largest and fastest growing industries in the world today, which makes Marine Cargo Insurance one of the most exciting areas in the insurance industry. Many people, however, are not aware of the benefits of participating in the marine insurance industry, and consequently the marine risk is often overlooked.

If you are reliant upon goods being transported by ocean, air, road or rail, then Marine Cargo Insurance can protect your cargo against a wide range of risks that may be encountered during its voyage.  Insurance covers loss and/or damage during the movement of the cargo from one port/country to another and can be provided for all risks or a specifically named peril.  It is important to protect your financial interest during transportation and cargo insurance protects the riskiest part, the transportation.

It is a primary obligation under every international sale of goods contracts that either the seller or the buyer will have to arrange adequate insurance for the goods in accordance with the agreed shipment terms (INCOTERMS).

Cargo may be exposed to risks specific to the mode of transport and the route taken, as well as perils beyond the reasonable control of all parties to the contract, for instance:

  • Fire
  • Explosion
  • Armed robbery
  • Storm, flood and other weather hazards
  • Washing overboard in heavy sea
  • Leakage
  • General Average Claims (seafreight)

Nacora has designed a variety of simple yet comprehensive coverage solutions exclusively for its clients. We offer industry-specific insurance products to support your business during every stage of transportation and storage.

Key Cover Elements 

  • All risk coverage for physical loss or damage to your goods
  • Low premium costs compared to the value of goods in transit
  • Helps customers to stay focused on their core business
  • International Conventions regulated and limit the liability of the carriers
  • Any time declaration and certificate print for annual clients

What Can I Insure 

  • All commodities containerized and in bulk
  • All modes of transport
  • Combined transports
  • FCL & LCL shipments
  • Storage in the ordinary course of transit up to 30 days
  • Single (ad hoc) cover or annual policies

Benefits to the Insured

  • Expert risk analysis for your individual business
  • Professional handling of claims in-house
  • Fast payment of valid claims
  • Simple invoicing and declaration
  • Cover provided by top rated insurance markets
  • Peace of mind no matter where your cargo is

Marine & Logistics Operator Liability Insurance

Similar to other professions, Freight Forwarders are responsible to their customers for the services and the advice they provide. In the event of physical loss or damage to cargo, or resultant financial loss suffered by the cargo owner, the freight forwarder will be required to defend their liability and under certain circumstances reimburse the cargo owner for their loss.

Customs Brokers and Freight Forwarders are more vulnerable than ever to actions brought against them by their clients due to errors made, or errors which the client perceives were made. Mistakes can be extremely costly and even if the error was not made by you, the cost to defend yourself can create substantial expense.

Type of Insurance Coverage

Marine & Logistics Operators Liability Insurance is for those involved in carrying, storing, or facilitating the movement of third party goods by insuring them for their legal responsibility. If you are deemed liable under a contractual agreement for physical loss of or damage to a consignment, the policy would protect this.

Freight Services Liability

Comprehensive liability and physical damage insurance programs for forwarders, NVOCCs and other logistics and distribution companies, including liabilities to cargo and third parties, errors and omissions, and physical damage to owned or leased containers.

  • Legal liability
  • Physical loss of or damage to any means of transport or transportation equipment
  • Physical loss of or damage to buildings and premises
  • Costs and expenses
  • Items of materials sold, supplied, leased or hired
  • Liabilities, costs and expenses imposed by governmental or Judicial Authorities
  • Fines, duties and penalties

A broad range of protection for marine cargo may also be added through Nacora's legal liability. This may include:






Each of these coverage's protects you for a specific operation you perform. The policy pays for damages for which you are found to be legally liable and defence costs of claims made against you, whether or not you are liable. In many liability cases, the costs of defence can and do far outweigh the damage payments.

Claims Coverage

National and International Freight Forwarders Associations recognize the importance of Freight Forwarders Legal Liability and Errors & Omissions insurance and make it a requirement for membership.

Improper Release of Merchandise

The letter of credit required that merchandise be released only to the bank. The Customs Broker failed to follow instructions and released merchandise directly to the Importer who failed to pay the bank. The Shipper sues the Customs Broker for the full invoice value of the shipment plus legal fees and freight charges.

Misdirected Freight  

A Freight Forwarder mixes shipments and sends a shipment to France that should have gone to England. As the merchandise was "time-sensitive", the Consignee loses a sale and sues the Forwarder for the several hundred thousand dollars in lost profit they anticipated.


A Customs Broker was requested by his client to file a protest on increased duties. Although the Importer provided all of the needed documentation, the Customs Broker forgot to file the protest. The Importer held the Customs Broker responsible for payment of the additional duties assessed.

Cargo insurance  

A Freight Forwarder is asked to insure a shipment valued at $1 million. The Forwarder does so, not realizing the insurance policy limits them to $500,000 per shipment. The shipment is washed overboard during transit. The insurance company pays $500,000 and the Freight Forwarder is responsible for the additional $500,000.

Quota Merchandise

A Customs Broker failed to check with Customs not realizing that a quota on a certain commodity had been closed. The importer could not get his merchandise into the country and sued the Customs Broker for costs incurred and revenues lost as a result.

Other Areas of Protection

In addition to liability exposures gained through operations, there are also other areas that we can help you with, such as:

  • Enhancing your service to customers by providing a cargo insurance
  • Protecting your customs liabilities by issuing bonds.
  • Protecting other liabilities arising from your business.
  • Providing insurance on the assets, property and equipment of your business.
  • Protecting your employees, both in your home country and overseas.