How much Marine Cargo Insurance do I need?
Follow this simple two-step process to arrive at the amount of Marine Cargo Insurance you need.
1. Determine Maximum Shipping Amount At Any One Time Calculate the maximum value of goods that you will ship at any one time. Usually, marine cargo insurers will value goods to be shipped at the invoice cost + freight cost.
2. Add the Advance Take the sum from step 1, and add an additional 10% – 20%. This is called the “advance”, and is to account for additional expenses which may be incurred during shipment.The final amount is the maximum amount of coverage you will need from a Marine Cargo Insurance policy.