Benefits of Marine Cargo Insurance

Benefits of Marine Cargo Insurance

In the Philippines, there was a reported PHP 738.68 million in losses incurred for maritime and aviation insurance last 2020. Because of this, the need for marine cargo Insurance in the country has never been more necessary. 

Risk Mitigation

Marine cargo Insurance has been helpful in reducing risk and mitigating the financial risks associated with transporting goods via sea, air, or land. It provides coverage for potential losses or damages to cargo, vessels, and other assets due to accidents, natural disasters, and other covered perils.

Legal Compliance

Across international areas, many countries and trade agreements require marine cargo insurance as a legal requirement for shipping goods. By being protected through marine cargo insurance, you ensure compliance with these regulations and can help prevent delays or legal issues during the shipping process.

Financial Protection

All parties involved in maritime activities such as shipowners, cargo owners, freight owners, and more are protected through marine cargo insurance. In the event of losses or any unforeseen accidents, your insurance policy will aid you through indemnification by helping your business recover financially and continue operations without significant interruptions. 

Different Types

At Pacific Union, we offer a wide range of marine cargo insurance policies. These range from voyage policies, time policies, open policies, and more. To learn more about our service, contact us today!