We are proud of being contract agent with the world leading insurance company to develop insurance business together in Thai market. Therefore, we not only can get the special price premium, but also our customers’ claimts will be treated priority.
More goods are now imported from overseas, don't leave it to your supplier to arrange the insurance, after all should your goods be damaged or even stolen in transit, wouldn't it be far better to be dealing with an insurance company and have the full support of a professional broker based claims team. So whatever you do with your goods, be it import, export by air & sea or inland distribution, we can offer the right insurance policy for your needs.
What is marine cargo insurance ?
Marine cargo insurance covers the risk of loss, damages expense and liability to your goods during transportation as cargo from one place to another place. The process of transportation includes air freight, ocean freight and overland carriage, including sending by post or courier service. The marine cargo insurance is to indemnify the cargo owners and/or the financiers such as banks against financial loss arising as a result of physical loss, expenses incurred or liability from the transportation process. Loss can arise from the perils of the sea such as rough weather, sinking, or as result of overturning, collision of and/or theft from overland transports.
What types of covers are available ?
The insurance policy form and coverages are based on the internationally accepted london wordings. There are basically three levels of coverages:
1. The institute cargo clauses (A) provides " ALL Risks " coverage.
2. The institute cargo clauses (B) provides restricted coverage.
3. The institute cargo clauses (C) provides even more restricted coverage. Subsidiary clauses include the institute war clauses and the institute strikes clauses. Other specialized coverages are available such as for frozen meat and food, timber, and commodities.
THE MOST BENEFICIAL TRADE TERMS
From the explanation and reason given previously, whether being an importer or an exporter, it is strongly recommended that either party should arrange marine cargo insurance for themselves. Being an importer (buyer), the purchase of goods should be on FOB or C&F basis, however, if being an exporter (seller) the sale of goods should be made on CIF basis and this will provided most benefits in various ways. You are able to contact your local insurance company at any time for quick and efficient service.
FOR EXPORTER OR SELLER
• We are able to recommend to you with the best practical procedures in compliance with the terms of L/C. •If you insure with our contact insurance company we can add the trust to your overseas customers because in the event of loss or damage to the cargo, your customers can easily contact our worldwide appointed claim representation at destination for quick and proper claim settlement. • We can assist you in the means of increasing your income by exporting or selling price on CIF basis.F.
FOR IMPORTER OR BUYER
• We can recommend you with the appropriate terms of cover necessary for the cargo concerned. • In the event of loss or damage to your cargo, the company can provide you with fast service in the arrangement of surveying for the cargo and assessment of the amount of loss. You will, of course, receive prompt and fair claim settlement. • You should not let the overseas buyer arrange for the marine cargo insurance on your behalf because besides the inconvenience caused in contacting for claim settlement, you do not exactly know the security and financial status of the company that the insurance is placed.
THE DETERMINATION OF SUM INSURED
In fixing the value to be insured the Sum Insured is to be based on the amount stated in the invoice plus 10%. For imported goods the sum insured is 110% of the FOB or C&F value and for exported goods the sum insured is 110 % of CIF value.
WHICH TYPE OF CARGOES CAN BE INSURED
Various types of cargoes whether being imported or exported by air freight, ocean freight and overland carriage, including by post or courier services can be insured such as : machinaries, clothing, textiles, ready made clothes, electrical appliance, leather goods, toys, metal products, papers, chemical products, etc.
THE PERIOD OF COVER
The period of cover depends on the agreement according to the sales contract. However, in common practice the insurance attaches from the time the goods leave the shipper’s warehouse at the port of origin as stated in the Policy and continues during the ordinary course of transit and cover terminates either :- • when the goods have been delivered to consignee’s or other final warehouse or place of storage at the destination named in the Policy. • when the goods have been delivered to any other warehouse or place of storage, whether prior to or at the destination named in the Policy, which the Insured elect to use either. • when it is on the expiry of 60 days after completion of discharge from the overseas vessel at the final port of discharge.Whichever shall first occur.If the Insured wants to deliver the goods to other places within the country other than the destination named in the insurance policy, advice must be given to the Company for the necessary extension as required by the Insured.