Insurers use certain rating factors in determining the cost Marine cargo
Cargo is generally rated based on the following factors;
- What the cargo actually is
- How it is packed
- How will it be transported – just by sea or by various methods?
- Quality of the carrier (where the insurers are told before the journey starts)
- The valuation of the cargo
- What journey it will be taking
- How much insurance is required (i.e. All risks or limited named perils)
- How large a deductible or excess is required?