Marine Cargo Insurance can be arranged in different ways depending on how often a business transports goods.

Two common approaches are annual cargo insurance and single-shipment insurance.

What is annual cargo insurance? #

An annual or open cargo policy is designed for businesses that regularly transport goods.

It can cover eligible shipments occurring throughout the policy period, subject to:

• Declared goods.
• Geographic limits.
• Limits per shipment.
• Policy terms.
• Any required declarations.

This can avoid arranging a separate policy for every shipment.

What is single-shipment cover? #

Single-shipment insurance is arranged for a specific transit.

It can be suitable where the business:

• Rarely transports valuable goods.
• Has one unusually large shipment.
• Is importing or exporting equipment once.
• Needs insurance for a specific project.

Which option is better? #

It depends on the business.

Businesses with regular movements may find an annual policy more practical.

Occasional shippers may only require cover for individual movements.

Can annual policies cover different transport methods? #

Yes, depending on the policy.

Australian Marine Cargo markets offer annual, open and short-term cargo arrangements for domestic and international shipments.