Continue reading How to protect your SME this Christmas from theft and break-ins

With the Christmas season around the corner, staff are becoming even busier and work is starting to pile up! There is so much that needs to be completed before the holidays start! Where does all this work come from? Even though everyone is in a festive mood and looking forward to a well-earned break over Christmas, they still need to get their work finished in time for the holidays. Retail stores however, can be even harder pressed at this time of year! With no end in sight, it can become quite manic in the lead up to Christmas, causing small everyday tasks to be easily missed in the mad rush to get everything done. Continue reading Preparing your retail business for the Christmas season

Business Interruption Insurance helps your business to keep operating in the event of a disaster, for example your warehouse catches fire, your showroom is flooded or essential equipment is stolen. If any of these events prevent your business from trading, then Business Interruption Insurance can cover your business’s financial losses from the everyday unavoidable costs of running your business, even though you can no longer trade. Continue reading Who needs business interruption insurance?

As bushfire season takes its toll across Australia, it’s not only homeowners who need to brace themselves against the ravages of fire. Business owners also need protection against bushfire disasters, because without the right type of insurance, recovering from the devastation wrought by bushfires may ruin your business. Continue reading Protecting your business this bushfire season

The vast majority of international freight (90%) is transported around the world by sea with more than 70% in containers. Unfortunately, merchant shipping isn’t always the safest form of transportation; there were 88 major accidents involving merchant shipping reported worldwide in September 2019, and five ships were lost. <!–more–>

To bring this closer to home, most of us remember the containers lost from the YM EFFICIENCY along the NSW Central Coast, after hitting bad weather on its trip from Taiwan to Sydney in June 2018. More recently, a Chief Officer onboard the cargo ship YALIKOY died after being hit by a snapped mooring line on Oct 8^th in Spain, the bulk carrier RT HON PAUL J MARTIN ran aground on Oct 6^th in the St. Lawrence Seaway while on its way from Port Weller to Quebec and a mobile crane fell onto the ASTRA MARINE’S cargo deck in Turkey on Oct 7^th.

All of these disasters, mean that marine insurance is a priority, but what type of insurance do you need?

Marine Insurance

Marine Insurance is designed to provide peace of mind when you have a ship, vessel or marina that requires insurance, or you are moving your cargo across sea, land or air.

Marine Cargo Insurance

Marine Cargo Insurance covers the loss or damage of goods in transit, generally due to theft, collisions, fires and explosions, and stranded or sinking ships. Whilst this type of insurance lowers the risk of loss or damage to cargo, there are three different types of Marine Cargo Insurance available:

• Open Cover Cargo: This policy either covers goods to a specific value for a specific time period (single trip voyages) or multiple shipments with no specified value during the policy period.
• Specific Cargo: This policy covers one consignment for one voyage and ends when the cargo arrives at its destination.
• Contingency Cargo: This policy is used by freight brokers to reduce their risk when the carrier of the policy refuses to honour a claim against damage or loss of cargo.

Commercial Hull Insurance

This policy is designed specifically for businesses who operate commercial vessels where their vessels are the centre of their business (namely charter boats, barges, ferries etc). Commercial Hull Insurance covers you for accidental damage or sinking (in the case of sinking, the vessel must be in a sea worthy condition prior to sinking), malicious damage and theft, and any liability resulting from use of the vessel. Due to the nature of their businesses, many marine operators need both Marine Cargo and Commercial Hull Insurance.

Marine Liability Insurance

Similar to third party auto insurance, Marine Liability Insurance reduces the risk of damage to third parties (property and personal injuries). These include collisions with other ships (in transit or stationary) and removal of wrecks, but can also cover collisions with terminals, docks and piers. It’s suitable for ship repairers, import and export marine businesses, yacht owners, port and marina operators, charter service operators, docking facilities, and so on.

Ensuring that you have the correct type of Marine and Hull Insurance is the first step to protecting your cargo when in transit if something were to go wrong. To decide what type of marine insurance is suitable for your business, please contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here.