Marine and Transit Insurance

Marine Insurance is unique part of the insurance industry and a thorough understanding of the policy coverages available and the insured’s business requirements is needed to ensure you are paying for the cover you expect. With so many different branches to this “one” product class, the team at iO2 would be more than happy to help guide you through this minefield.

Transit/Cargo Insurance is a product that caters for most general cargo applications – transit within Australia, import and export or worldwide to worldwide. Protection for businesses transporting goods by sea, air, rail, road, post or courier. Cover can be arranged  for  your goods for loss or damage from collection through to delivery.

More specialist commodities or risks can be catered for by use of specific policies available within the Marine Insurance market (e.g. Livestock or Temperature Controlled Goods) or negotiation of bespoke coverage solutions.

Specialist Cargo/Transit risks include:

·       Meat & Seafood industry cargo including Inherent Vice and Rejection
·       Ores and Concentrates (coal, iron ore, zinc, etc.)
·       Fresh Produce including fruit & vegetables
·       Fertiliser
·       Motor Vehicles
·       Project Machinery & Equipment including Delayed Start-Up/Consequential Loss

Carriers: Insurance for carriers transporting goods within Australia, such as truck owner-operators and fleet clients. This option covers loss or damage to goods in your care – you can tailor your policy to include extras such as refrigerated goods, theft, rain water damage and additional expenses cover.

Carriers Combined Package Policy with sections for –

·       Carriers Goodwill (Cover A) – nominated perils cover
·       Carrier’s Indemnity (Cover B) – contractual liability to named customers only – accidental physical loss/damage
·       Carriers Legal Liability (Cover C) – consignment note/cartage conditions to apply

Commercial Hull: Designed for businesses operating commercial vessels such as charter boats, tugs and barges. Standard policies include accidental and malicious damage,  perils of the sea, theft, crew property and personal injury cover. Optional benefits include loss of income, passenger property and injury and pollution protection.

Specialist Hull risks include (vessels trading in Australian Waters):

·       Charter and tourist vessels (including passengers [liability])
·       Tugs, barges and work boats including towage
·       Port operation vessels
·       Coastal trading vessels

Liability (P&I – Protection and Indemnity) – Provides cover for the legal liability of the Insured as a vessel operator. Cover can include liability to fare paying passengers carried by the vessel as well as collisions and legal defense costs.

Marine Liability products include: Specialist insurance for marina operators, yacht clubs, ship repairers and other marine service providers, including freight forwarders, port and terminal operators. Marine Liability insurance offers protection against third party injury and property damage, including damage to cargo and other vessels.

·       Ship Repairers liability
·       Marina Operators Liability
·       Marine Contractors Liability
·       Charterers liability
·       Port Operators Liability
·       Terminal Operators & Stevedores liability