Marine Insurance
We insure your establishment's imported and exported goods through every stage of sea, air and land transport, and compare cover and price across insurers licensed in the Saudi market.
What is marine insurance?
Marine insurance, also called cargo insurance, protects the value of goods against loss or damage while they move from the supplier's warehouse to the consignee's warehouse. Despite the name, it also covers air and land transport.
We apply a value-for-money principle to marine insurance: we compare insurers' offers and recommend the best combination of cover and price.
Policy types
- Single-shipment policy: covers one specific shipment from origin to destination.
- Open (annual) policy: covers all of an establishment's shipments during the year within agreed limits. It suits regular importers and exporters.
Levels of cover
Cargo policies are usually issued on the Institute Cargo Clauses:
- Clause A: all risks except the listed exclusions. This is the widest cover.
- Clause B: named perils covering major casualties and some additional risks.
- Clause C: major casualties only. This is the narrowest cover.
Who is it for?
Importers, exporters, traders, manufacturers and any establishment that moves goods within the Kingdom or across its borders.
Information usually required
- Description of the goods and how they are packed.
- Shipment value and currency.
- Country of origin, destination and mode of transport.
- The agreed terms of sale (such as FOB or CIF).
- Estimated annual shipment volume for an open policy.
Frequently asked questions
Does marine insurance cover air and land transport?
Yes. Cargo insurance covers shipments carried by sea, air or land, and can cover the whole journey from warehouse to warehouse.
Who insures the shipment, the seller or the buyer?
It depends on the agreed terms of sale. Under CIF, for example, the seller arranges the insurance; under FOB and CFR it falls to the buyer. We review the contract with you to determine who is responsible.
What is the difference between a single-shipment and an open policy?
A single-shipment policy covers one named shipment. An open policy covers all your shipments during the year without issuing a policy for each one, and suits those who ship regularly.
When should the insurance start?
Insurance should be arranged before the goods begin their journey so that they are covered from the moment they depart.
What does cargo insurance usually not cover?
Policies usually exclude losses caused by insufficient packing, delay, inherent vice of the goods, and ordinary loss in weight or volume. The full exclusions are set out in the policy itself.
Request a quote
Send us your request and one of our advisers will contact you, or call 8001240284