Marine Transit
What is it?
Typically, a Contract Works policy will extend to include loss or damage to plants and materials whilst in transit within Australia.
However, the policy will exclude any overseas transits.
Should any plant or materials which make up part of the works be sourced from overseas it may be necessary for a party to the contract to affect a Marine Transit policy to cover loss or damage to such plant and materials whilst in transit to Australia from an overseas location.
It is also possible to cover advance business interruption losses that arise as a result of this loss or damage.
What are some examples?
Example 1
A critical item to a project is being sourced from overseas and is dropped whilst being loaded onto the vessel in the port of embarkation.
The policy will meet the cost of repairing the damage to the item.
Example 2
A vessel encounters heavy seas during transit and as a result, the goods stored below deck break from their lashings and are damaged.
The policy will meet the cost of repairing the damage to the insured goods in this scenario.
Why?
To protect the asset from loss or damage during transit from overseas.
Who needs it?
The terms of sale will dictate whether the overseas supplier or the purchaser has the responsibility to arrange insurance on the goods being transported.
How can I purchase it?
Every client is different, that’s why our insurance service is custom designed for your needs. Click on ‘Contact us’ and you can book a meeting with Cruden Read to determine the most effective and appropriate solution.