Cargo Insurance

Comprehensive all-risk coverage for goods in transit worldwide by sea, air, and land. Protecting traders, freight forwarders, and cargo owners against loss, damage, and theft.

What is Cargo Insurance?

Cargo insurance protects goods against loss or damage during transportation by sea, air, rail, or road. It is essential coverage for traders, manufacturers, exporters, importers, freight forwarders, and logistics companies who need to safeguard the value of their merchandise throughout the supply chain.

International trade involves significant risks - vessels can encounter storms, containers can be damaged during handling, cargo can be stolen, and goods can deteriorate due to temperature fluctuations or moisture. Cargo insurance provides financial protection against these perils, ensuring that your business can recover from losses without devastating financial impact.

At MAXWELL BROKER, we offer comprehensive cargo insurance solutions with flexible coverage options based on internationally recognized Institute Cargo Clauses (ICC). Our specialists work with you to design policies that match your specific cargo types, transit routes, and risk exposures.

Cargo Insurance Coverage

Institute Cargo Clauses (ICC)

Understanding the standard coverage levels recognized worldwide in marine cargo insurance.

A

ICC (A) - All Risks

The most comprehensive coverage available. ICC (A) covers all risks of loss or damage to the insured goods except those specifically excluded. Ideal for high-value cargo, fragile goods, and shipments requiring maximum protection.

Covered Risks:
  • All physical loss or damage
  • Fire, explosion, collision
  • General average sacrifice
  • Jettison, washing overboard
  • Pilferage, theft, non-delivery
  • Water damage (fresh & salt)
  • Breakage, bending, denting
B

ICC (B) - Intermediate

Named perils coverage providing protection against specified risks. A cost-effective option for cargo that is less susceptible to certain types of damage. Suitable for semi-processed goods and moderate-value shipments.

Covered Risks:
  • Fire, lightning, explosion
  • Vessel collision, contact
  • Earthquake, volcanic eruption
  • General average sacrifice
  • Jettison, washing overboard
  • Entry of water into hold
  • Total loss of package
C

ICC (C) - Minimum

The most basic coverage level, protecting against major catastrophes only. Economical option for robust cargo with low damage susceptibility. Appropriate for bulk commodities, raw materials, and low-value goods.

Covered Risks:
  • Fire, lightning, explosion
  • Vessel collision, contact
  • Earthquake, volcanic eruption
  • General average sacrifice
  • Jettison
  • Total loss during loading

ICC Clauses Coverage Comparison

Risk / Peril ICC (A) ICC (B) ICC (C)
Fire, Lightning, Explosion Covered Covered Covered
Vessel Collision / Contact Covered Covered Covered
Earthquake, Volcanic Eruption Covered Covered Covered
General Average Sacrifice Covered Covered Covered
Jettison Covered Covered Covered
Washing Overboard Covered Covered Not Covered
Water Damage Covered Covered Not Covered
Pilferage / Theft Covered Not Covered Not Covered
Non-Delivery Covered Not Covered Not Covered
Breakage / Bending Covered Not Covered Not Covered
Hook Damage Covered Not Covered Not Covered

Coverage Types & Extensions

Additional protections and specialized coverage options for comprehensive cargo protection.

War & Strikes Clauses

Coverage for war, terrorism, piracy, strikes, riots, and civil commotion risks excluded from standard cargo policies. Essential for shipments through high-risk regions or politically unstable areas.

Storage Extension

Extended coverage for goods stored at warehouses, terminals, or distribution centers during transit. Protection during intermediate storage periods, typically up to 60 days or longer by arrangement.

Temperature Control

Specialized coverage for refrigerated cargo, pharmaceuticals, and temperature-sensitive goods. Protection against spoilage due to refrigeration breakdown, temperature deviation, or humidity damage.

Project Cargo

Tailored coverage for complex project shipments including heavy machinery, construction equipment, and industrial installations. Covers multiple transport modes, intermediate storage, and installation phases.

General Average

Coverage for contributions to general average and salvage charges when vessel sacrifices cargo or incurs expenses to save the ship and remaining cargo. Essential protection for all cargo owners.

Contamination Coverage

Protection against contamination from contact with other cargo, impurities, or foreign substances. Important for food products, chemicals, pharmaceuticals, and other sensitive commodities.

Cargo Types We Cover

Specialized insurance solutions for diverse cargo categories and industries.

General Cargo
Consumer goods, electronics, textiles, manufactured products
Bulk Cargo
Grain, coal, ores, fertilizers, raw materials, commodities
Refrigerated
Fresh produce, frozen foods, pharmaceuticals, chemicals
Liquid Cargo
Oil, chemicals, LNG, edible oils, beverages, juices
Dangerous Goods
Hazardous materials, explosives, flammables, toxics
Heavy Lift
Machinery, equipment, turbines, generators, transformers
Project Cargo
Construction materials, modules, industrial installations
High Value
Artwork, jewelry, electronics, luxury goods, cash

Policy Options

Flexible insurance structures designed to match your trading patterns and coverage needs.

Open Cargo Policies

Open cargo policies (also known as floating policies) provide automatic coverage for all shipments made within the policy period, up to specified limits. Ideal for traders, exporters, and importers with regular shipping activities who want continuous protection without arranging individual policies for each shipment.

  • Automatic Coverage - All shipments covered without prior notification
  • Annual Limits - Maximum sum insured per shipment and per annum
  • Declaration System - Monthly or quarterly shipment declarations
  • Cost Efficiency - Lower premium rates for regular shippers

Single Voyage Policies

Single voyage policies (also called specific cargo policies) provide coverage for individual shipments from origin to destination. Suitable for occasional shippers, one-time exports, project cargo, or high-value shipments requiring tailored terms and conditions.

  • Specific Coverage - Tailored terms for individual shipments
  • Flexible Terms - Customized clauses and extensions
  • Project Cargo - Ideal for complex multi-modal shipments
  • High Value - Specialized terms for valuable cargo

Contingency Cargo Insurance

Contingency cargo insurance protects sellers and buyers when the primary cargo insurance arranged by the other party fails to respond. Essential for CIF sellers who want backup protection if buyer's insurance doesn't cover a claim, or for buyers under FOB contracts when seller's insurance is inadequate. MAXWELL BROKER arranges contingency policies that provide peace of mind in international trade transactions.

Cargo Claims Process

Efficient claims handling to ensure prompt recovery of your cargo losses.

01
Loss Discovery
Identify damage or shortage upon receipt
02
Immediate Notice
Notify broker and carrier within 3 days
03
Survey Arrangement
Cargo surveyor inspection if required
04
Documentation
Gather shipping docs, photos, survey report
05
Claim Submission
Submit formal claim with supporting evidence
06
Settlement
Claim payment within agreed timeframe

Required Documentation for Cargo Claims

  • Original Policy / Certificate - Proof of insurance coverage
  • Bill of Lading / Transport Document - Proof of shipment and contract of carriage
  • Commercial Invoice - Proof of cargo value
  • Packing List - Details of cargo contents and packaging
  • Survey Report - Independent assessment of damage (if applicable)
  • Photos / Evidence - Visual documentation of damage
  • Carrier Correspondence - Notice to carrier and their response

Related Services

Complementary insurance products for complete supply chain protection.

P&I Insurance

Shipowner cargo liability coverage

Charterers Liability

Protection for charter party obligations

Logistics Liability

Freight forwarder and warehouse coverage

War Risks Cargo

War and strikes cargo clauses

Request Cargo Insurance Quote

Connect with our cargo insurance specialists for tailored coverage solutions.

Why Choose MAXWELL for Cargo Insurance?

  • Global Markets - Access to Lloyd's and specialist cargo underwriters
  • Competitive Rates - Premium optimization for regular shippers
  • Fast Turnaround - Quick policy issuance for urgent shipments
  • Claims Support - Dedicated team for efficient claims handling
+44 20 7423 1111
sales@maxwellbroker.com

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