Marine Cargo Insurance

Marine cargo insurance protects goods in transit: shipments moving by sea, air, road, and rail across international borders. It covers physical loss or damage to your cargo from the moment goods leave the origin warehouse until they reach their final destination. Voyage arranges marine cargo insurance for exporters, importers, manufacturers, commodity traders, and anyone who ships goods internationally, with particular expertise in Southeast Asian trade corridors.

Our Specialisation

Marine Cargo & Liability Specialists We focus on marine cargo insurance and freight forwarder liability. This means deeper underwriter relationships, faster placements, and better terms for your trade programme.

Asia-Pacific Trade Corridors We work with underwriters who understand the commodities and shipping routes coming out of Malaysia, Singapore, and Southeast Asia. Regional expertise, global coverage.

Specialist Extensions War risk, strikes, specie, and project cargo. We arrange coverage others decline, including high-value goods and shipments through conflict-affected corridors.

You export 200 containers a year. Each shipment is worth six figures. If a container is lost overboard, crushed during handling, or stolen at a port, the carrier's liability covers a fraction of the value. Your freight forwarder's liability is capped even lower. The rest is your loss.

Marine cargo insurance is your own first-party coverage for the full value of your goods, from warehouse to warehouse, against a broad range of perils. It is not carrier liability. It is not your forwarder's coverage. It is the insurance that sits between your balance sheet and the risks your cargo faces every time it moves.

This page covers:

• Why marine cargo insurance matters and what gap it fills
• What is covered under Institute Cargo Clauses (A) and how it compares to (B) and (C)
• Who needs marine cargo insurance and when
• Common cargo claim scenarios
• How Voyage structures and places cargo insurance programmes
• Frequently asked questions

Why Marine Cargo Insurance Matters

Between 60% and 80% of global cargo moves without adequate insurance. Many businesses assume the carrier or freight forwarder covers them. They don't. Carrier liability is capped, limited, and requires proof of fault. Forwarder liability is no different. Neither was designed to make you whole after a loss.

The gap is structural. Carriers and forwarders manage logistics. They don't insure your cargo. Marine cargo insurance protects the cargo owner's financial interest in goods during transit, covering the full insured value against a broad range of perils, regardless of who was at fault.

For a container of electronics worth $500,000, carrier liability under Hague-Visby might pay $15,000. Forwarder liability may pay even less. Marine cargo insurance pays up to the full insured value.

What Marine Cargo Insurance Covers

Institute Cargo Clauses: (A), (B), and (C) Compared

Marine cargo insurance is structured around the Institute Cargo Clauses, published by the International Underwriting Association (IUA). There are three standard forms. Voyage typically arranges cover under ICC (A), the broadest.

ICC (A) covers all risks of physical loss or damage except those specifically excluded. ICC (B) and (C) cover only the named perils listed above.

Standard Exclusions (All Three Clauses)

Even under ICC (A), the following are excluded from all three clause sets:

War and strikes perils are covered by separate extensions: Institute War Clauses (Cargo) CL385 and Institute Strikes Clauses (Cargo) CL386. A properly structured cargo programme includes both alongside the standard clauses.

Coverage Structure

Who Needs Marine Cargo Insurance

When Do You Need Marine Cargo Insurance

Common Marine Cargo Claims

1. Water and Weather Damage

Container condensation ("container rain"), storm damage, flooding at ports, and seawater ingress during rough seas are among the most frequent cargo claims globally. Garments, electronics, paper products, and food commodities are particularly vulnerable. Even in sealed containers, temperature differentials during long voyages create internal condensation that can destroy moisture-sensitive goods.

2. Theft and Pilferage

Cargo theft increased 27% in 2024 compared to the prior year, with an average value per theft incident exceeding $200,000 according to industry data. Theft occurs at every stage: warehouses, container yards, during road transit, and at ports. Electronics, pharmaceuticals, consumer goods, and high-value commodities are the primary targets.

3. Handling and Breakage

Goods damaged during loading, unloading, or transhipment. Forklift impacts, drops during crane operations, improper stacking, and rough handling at ports account for a significant proportion of cargo claims. Fragile, heavy, or awkwardly shaped cargo is most at risk during physical handling.

4. Vessel Casualties

Groundings, collisions, fires, and structural failures. Container vessel fires have become a particular concern, with several major incidents in recent years involving thousands of containers. When a vessel declares general average following a casualty, every cargo interest on board is liable for a proportional contribution, regardless of whether their specific goods were damaged.

5. Contamination

Particularly relevant for food commodities, palm oil, chemicals, and agricultural products. Cross-contamination from other cargo in shared containers, residual contamination from previous loads, and exposure to foreign substances during handling or storage. Contamination claims can be complex, requiring laboratory analysis and expert assessment.

6. Non-Delivery

Entire packages or containers that simply never arrive. Whether misrouted, stolen in transit, or lost during transhipment, non-delivery is covered under ICC (A) but not under ICC (B) or (C). For high-value or high-theft commodities, this distinction matters.

How Voyage Works With Cargo Owners

Trade Programme Understanding: We start by understanding how your business ships: what commodities, which corridors, what volumes, what values, and what trade terms. This operational knowledge shapes the coverage structure.

Facility Design: We structure your open cover or single-shipment programme around your actual trade profile: commodity classes, origin-destination pairs, conveyance types, per-shipment limits, and annual aggregates.

Underwriter Placement: We place your risk with underwriters who understand your commodity and your corridors. An underwriter who knows palm oil behaves differently from one who knows electronics. We match your risk to the right capacity.

Specialist Extensions: War risk, strikes, specie, temperature-sensitive cargo, project cargo. We arrange the extensions your programme needs, including placements in specialist markets where standard capacity is limited.

Declaration and Administration: Under an open cover, you declare shipments to us, typically monthly via bordereaux. We handle underwriter reporting and premium reconciliation. The admin burden on you is minimal.

Claims Support: Marine cargo claims require timely notification, proper documentation, and coordination with surveyors, carriers, and underwriters. We guide you through the process from first notification to settlement.

Product Structures

Voyage arranges marine cargo insurance in two structures. The right choice depends on your shipping frequency.

→ Learn more about open cover marine cargo insurance

Frequently Asked Questions (FAQ)

What is marine cargo insurance?

Marine cargo insurance is first-party coverage protecting the cargo owner against physical loss or damage to goods during international transit. It covers shipments by sea, air, road, rail, or any combination, from the origin warehouse to the final destination. It is separate from carrier liability and freight forwarder liability, both of which are capped and require proof of fault.

What is the difference between ICC (A), ICC (B), and ICC (C)?

ICC (A) is all-risks cover: it covers every cause of physical loss or damage except those specifically excluded. ICC (B) and ICC (C) are named-perils policies covering only listed events. ICC (A) includes theft, contamination, breakage, handling damage, and non-delivery, none of which are covered under ICC (B) or (C). Voyage typically arranges cover under ICC (A).

Does marine cargo insurance cover war and terrorism?

No. All versions of the Institute Cargo Clauses exclude war (Clause 6) and strikes/terrorism (Clause 7). These perils require separate extensions: Institute War Clauses (Cargo) CL385 and Institute Strikes Clauses (Cargo) CL386. A properly structured programme includes both.

Who is responsible for arranging cargo insurance, the buyer or the seller?

It depends on your Incoterms. Under Incoterms 2020, CIF requires the seller to arrange insurance on at least ICC (C) terms. CIP requires the seller to arrange ICC (A). Under FOB, FCA, and EXW, the buyer bears risk during transit and is responsible for their own insurance. Under DDP, the seller bears risk to the buyer's door.

Does cargo insurance cover delay?

No. Delay is explicitly excluded under Clause 4.5 of ICC (A), even if the delay is caused by a covered peril. Cargo insurance covers physical loss or damage, not the financial consequences of late delivery.

What happens in a general average situation?

When a vessel master makes a voluntary sacrifice for the common safety of the ship and all cargo on board, every cargo interest contributes proportionally under the York-Antwerp Rules. Without cargo insurance, you must post a cash deposit or bank guarantee before your goods are released, even if your cargo was undamaged. Your policy covers your GA contribution.

Can I get cargo insurance for jewellery, watches, and precious goods?

Yes. Most digital cargo insurance platforms explicitly exclude high-value portable items. Voyage has adjacent expertise in the high-value goods space and can arrange transit cover for precious cargo, including individual shipments and annual facilities.

How is marine cargo insurance premium calculated?

Premium is typically a rate (percentage) applied to the insured value of each shipment. The rate depends on commodity type, trade routes, conveyance, claims history, packing quality, and shipment values. Voyage does not publish indicative rates because they vary too widely by risk profile. Contact us for a quotation based on your specific trade programme.

Our Solutions

Insights on Marine Cargo Insurance

Practical guidance on cargo coverage, trade corridor risks, and commodity-specific insurance for shippers.

Let's Talk About Your Cargo

If you ship goods internationally and need marine cargo insurance, whether that is an annual open cover, a single shipment, or specialist extensions, we can structure a programme that fits your trade.

Voyage is a specialist marine cargo insurance platform arranging coverage for goods in transit worldwide. All insurance is arranged through licensed broking partners. Voyage is not an insurer. Coverage terms, conditions, and availability vary by insurer, policy, and jurisdiction.