Cargo insurance primarily offers protection against accidental physical loss or damage while goods are in land, sea, or air transit. It can be extended to cover goods in temporary storage during their overall transit along the supply chain.
CargoSecure: Designed by Marsh Singapore to protect your shipment — and your cash flow
Companies in Singapore often face challenges procuring the appropriate insurance coverage for different cargo types and sizes, as well as potential complications during the claims process in the event of accidental physical damage or loss.
CargoSecure protects against accidental physical loss or damage to your cargo while in transit anywhere in the world (excluding sanctioned countries), minimising your financial exposures while providing the following benefits:
- Enhanced protection for all cargo types including hard and soft commodities.
- Competitive premiums and deductibles from an A-rated multi-insurer panel with in-depth knowledge of cargo products, Singapore's local maritime landscape, best practices, and regulations.
- Simplified and prompt administrative processes from application to claims settlement, with placement and confirmation of binding within 24 hours.
- Dedicated technical and claims enquiries and support.
What are the risks covered by CargoSecure’s enhanced coverage?
CargoSecure not only covers standardised risks such as war-related perils, damages caused by civil commotions, missing goods, and other common risks with typical exclusions, but also includes coverage extensions not typically covered under small-sized cargo policies.
CargoSecure’s enhanced coverage is included as part of the cost-competitive premium, with coverage for items such as consumer products, hard and soft commodities, temperate-sensitive goods, as well as for differences between loaded and received quantity and goods that have been contaminated in the shipping process, with the ability to accommodate large risks when required.
CargoSecure consists of four types of coverage, giving your business the flexibility of choice to ensure the appropriate coverage for your needs.
*Worldwide coverage is subject to Sanction Limitation Exclusion clause.
Our representatives can advise which policy best fits your needs, as well as the appropriate limit. For policy coverage and exclusions, please refer to the FAQ below.
FAQs
Aside from insuring your shipments against damage or loss during transit, some transactions require an insurance certificate (or proof of marine cargo insurance coverage) from facilitating financiers as part of a standard documentation process. Even if such a requirement is optional, it is prudent to arrange a policy to protect your transportation exposures.
For marine shipments, a cargo insurance policy can also insure against the potential risk of accidental damage and loss during any transit, especially considering prevailing geopolitical tensions and extreme weather risks.
Yes, CargoSecure is suitable for all companies registered in Singapore seeking coverage for up to US$10 million limit per shipment (domestic or international).
CargoSecure is for buyers and sellers engaged in international and/or local trade, and is not limited to importers, exporters, freight forwarders/logistics operators, traders, manufacturers, and project contractors.
Other than CargoSecure, Marsh offers a variety of cargo solutions for businesses catering to their diverse needs:
MarshCargo: A cloud-based global cargo insurance account management platform allowing users to manage multiple policies easily.
Digital Shipper’s Interest: Allows logistics and supply chain providers to offer an integrated option for purchasing cargo and parcel insurance.
Stock Throughput: Enables importers, distributors, or export merchandisers to gain greater control of inventory risks with coverage across the entire supply chain, from the supplier or point of origin to the goods’ final destination.
Why Marsh
Powering possibility since 1871, Marsh is the world’s leading insurance broker and risk advisor. Marsh Singapore was established in 1972, supporting Marsh operations in the region and providing industry-focused consulting, insurance brokerage, and claims advocacy services to local and international companies operating in and out of Singapore.
Marsh’s Marine and Cargo Practice has over 700 colleagues in 26 offices across six continents. Work with all types of ship owners, contractors, ports, financiers, and cargo policies for all types of exports of manufactured goods and commodities, our extensive cross-industry experience allows us to bring in-depth insights, knowledge, expertise, and advice to our clients above and beyond the insurance transaction.