How insurers determine cost of a marine cargo insurance cover

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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? 

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