Marine cargo and transit insurance may cover eligible goods against insured physical loss or damage during declared transit, subject to the policy, route, conveyance, insured values, packing and conditions.

Cargo insurance for renewable energy imports

Importers and distributors may move panels, inverters, batteries, controls and charging equipment from overseas manufacturers to Australian warehouses or customer sites. Domestic transit between ports, warehouses and installation sites may also need to be considered.

Information relevant to a cargo placement

• Goods and packaging, including battery type and transport classification
• Origin, destination, routes and modes of transport
• Annual shipment values and peak accumulations
• Incoterms or other information about the insured interest
• Storage periods before onward delivery
• Claims, loss prevention and carrier arrangements

What to check in the policy

Transit insurance terms can vary for loading, unloading, temporary storage, transhipment, delays, packaging, unattended vehicles and particular commodities. Some exclusions or sublimits may apply to batteries or other specialist equipment. The schedule and wording should reflect the actual supply chain.

Cargo insurance is separate from products liability, property insurance and warranty or recall cover.

Questions about marine cargo

Does an overseas supplier’s policy automatically protect an Australian importer?

Do not assume that it does. The insured interest, sale terms, policy schedule and transit route need to be checked.

Can domestic delivery be included?

Some policies may include onward domestic transit subject to terms and declarations. The route and values should be presented to insurers.

Arrange a review

Send sample shipment details, annual imports, peak values, routes, battery information and current cargo wording.