Marine Insurance
Prepare for all eventualities
Thanks to our experience in freight forwarding and the trusted partner agents we work with, the vast majority of goods make a successful journey overseas and arrive at their final destination safely and on time.
Unfortunately, despite the best efforts of all concerned, there is the odd occasion when things don’t go exactly to plan. Sometimes this can result in goods arriving damaged or, in extreme cases - not at all due to acts of God, loss or theft en route.
Ensure you’re insured
Although such a situation would be extremely problematic for all concerned, as long as you’re covered by Marine Insurance you will not lose out financially.
Marine Insurance can be a complex subject but it is highly recommended that you obtain expert advice and take the time to gain at least a basic understanding of the principles involved. This will enable you to make an informed decision as to who should be responsible for insuring the goods in question.
From the 15th of January 2005 freight forwarders will be required to register with the FSA (Financial Services Authority) in order to continue to offer marine insurance to their customers. We are pleased to advise that Future Forwarding are already registered with the FSA. |
A brief explanation
In simple terms, goods should only be insured for transit by one (and only one) of the following three parties:
- The seller of the goods (the exporter)
- The buyer of the goods (the importer)
- The forwarding agent
Make sure you know who is responsible for insuring the goods and, make sure that they are also aware it is their responsibility.
It’s worthwhile noting that the forwarding agent will never insure goods automatically. They must receive specific instruction to do so by their client.
The seller or buyer should agree between themselves who is responsible for insurance at the outset of the contract. It is also advised that this agreement is incorporated within the ‘Terms of Sale’. All major banks, forwarding agents, Chamber of Commerce and other advisory organisations, strongly recommend the use of INCOTERMS 2000 for this purpose. |
Word of warning
Never assume that someone else is responsible for insuring your goods during transit. Find out for sure. Otherwise your consignment could be travelling without cover or, at best with only limited liability. Hopefully you’ll never need to claim on the insurance but if you do, make sure you’re fully covered.
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To find out more about Marine Insurance or the export services offered by Future Forwarding please call +44 113 281 0050 or complete our online contact form.
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