Why do you need Marine Insurance?
We recommend that you at least consider marine insurance when getting your freight quote as although damage or loss in the freight forwarding industry is rare, if it happens, the impact can be devastating as Ships and Airlines only have limited liability. So where you have a valid claim, the payout is unlikely to cover the true cost of goods, leaving you significantly out of pocket. You can see the limited liability amounts further down this page.
We always recommend that you at least consider getting a quote for insurance to cover the items you are shipping. It is very cost effective and give you peace of mind. Read more detail in our presentation here:
How do I get a quote?
You can arrange your own marine insurance policy, and financially it may make sense to if you regularly export or import goods to or from overseas. If you are new to exporting or importing, you are probably better off arranging insurance at the time of getting the quote. we already have a relationship with an insurer, which will mean that you get a very competitive quote.
What information will I need to provide?
Please let us have the following information:
- Value of Goods
- Product Description
- Destination Address
- Goods packed suitably for exporting/importing
Goods are covered from our premises here, at ISCA Forwarding, not for the journey to us. There are exceptions to this so please state clearly, what your requirements are so that we can ensure that the policy meets your requirements.
The limited liability for Carriers is broken down as follows:
By Sea – Hague Visby rules (2 SDR) : £1.87 per kilo. £623.94 per package
By Road – CMR (8.33 SDR) : £7.80 per kilo
By Air – Montreal Convention (19 SDR) : £17.78 per kilo
By Air – Warsaw Convention (17 SDR) £15.91 per kilo
BIFA STC – (2 SDR) : £1.87 per kilo
SDR (Special Drawing Right) is an international reserve asset. The currency value of the SDR is determined by summing the values in U.S. dollars, based on market exchange rates, of a basket of major currencies (the U.S. dollar, Euro, Japanese yen and pound sterling). The SDR currency value is calculated daily (except on IMF holidays or when the IMF is closed) and the valuation basket is reviewed and adjusted every five years.