Single Cargo Shipments :
Single Cargo Shipments – (for One-Off Shipments often referred as ‘Voyage Specific’) – This is the next most common form of cargo insurance, mainly taken out by individuals and small businesses for One-Off Shipments of cargo & freight. This is where the cargo as one-off shipment is priced and covered as one shipment from a particular destination to another – the single cargo coverage usually commences at the point of departure and ceases upon arrival at the cargo’s destination which could be a port or the customer’s premises often referred to as ‘Warehouse to Warehouse’. This type of cover is also sometimes referred to as a ‘Voyage Policy’ as the insurance covers only that specific shipment/voyage.
The other type of Marine Cargo Insurance available is Open Cargo Policy or Annual Cover. An open cargo policy can be written to cover all cargoes shipped by the Assured in foreign trade by overseas vessels, aircraft and foreign parcel post. Coverage is afforded while goods are in transit from the seller’s warehouse to the buyer’s warehouse in due course of transit. The contract is tailor-made to fit requirements of the individual Assured’s shipments and can be written to cover broad or named perils. (See Open Cargo.)