There are different marine insurance arrangements to suit shipment. Single Shipment Policy, Open Cover Policy, Annual Policy

Marine Cargo Insurance covers loss or damage during the transit of your goods from one destination to another by land, air, sea or whilst held in storage in transit warehouses. The financial consequences of lost or damaged cargo could mean serious impact to your business.

Marine Cargo Insurance in Singapore is designed to suit shippers of goods according to their requirements.

Single Shipment Policy
The Single Shipment Policy (Ad hoc) mode is activated as when the need arises. Individual policy is issued for each and every shipment when cover is required.

Open Cover Policy
With the convenient of an Open Cover Policy, shipments terms, cover limits and conditions are pre-agreed from the outset. All shipments are declared on a monthly interval to the insurer for documentation and billings. This is suitable for regular cargo movements

Annual Policy
The estimated annual turnover at the start of the policy period is used to formulate the deposit premium at the commencement of cover.

Throughout the entire policy period, all shipments are insured on pre-agreed limits, terms and conditions upon inception of policy. During the policy period, there is no need to file shipment declarations to the insurer. At the end of each policy period adjustment is calculated against the actual turnover for the entire policy period to be declared by the Insured.

This is a cost efficient and time saving arrangement for business with high volume of shipments