Marine Insurance for Shipping & Logistics
Open cover and cargo solutions for freight forwarders, logistics companies and importers/exporters.
Overview
South Africa's shipping and logistics sector handles the full range of import and export cargo moving through the country's ports. Freight forwarders, logistics companies, customs agents and importers/exporters all have marine insurance needs — from simple single-voyage cargo policies to complex open cover arrangements covering multiple shipments annually. The value of goods moving through South African ports annually exceeds R1 trillion, and uninsured cargo losses represent a significant commercial risk. Standard logistics and freight forwarding terms (SAAFF conditions) limit carrier liability substantially — this makes shipper-arranged cargo insurance essential rather than optional.
Key Risks
- Port theft (particularly Durban)
- Container damage during stacking
- Vessel loss or deviation
- General average contributions
- Third-party carrier liability gaps
- Customs seizure and confiscation
Cover Available
- Open cover policies for regular shippers
- Voyage policies for single shipments
- Freight forwarder's liability insurance
- Customs bonds and trade finance insurance
- Cargo storage insurance (inland)
- Multimodal combined transit