Since the start of the COVID-19 pandemic, the shipping industry around the globe has taken a heavy impact from the resulting economic crisis. One of the major challenges facing the industry has been the ability to continue transporting food and other supplies in the least disruptive manner possible.
In the shipping industry, marine cargo insurance is an important component to operational service as it provides protection to both buyers (importers) and suppliers (exporters) in terms of loss of or damage to the cargo during transit. This component is reflected within the cost of every transshipped product as part of the CIF (cost, insurance and freight) value.
During these unprecedented times, local suppliers may be looking for ways to keep their production costs stable and their prices competitive on the global market.
Sacos’ Marine Cargo Insurance provides coverage against losses arising from physical damage to cargo and related liabilities whilst it is in transit by sea. It can be for a single shipment or an open cover for clients who import or export on a regular basis. With the fluctuating exchange rate and the devaluation of the SCR, buyers and suppliers can rely on local insurance products to minimise the cost to their businesses.
With the Sacos Marine Cargo Insurance, clients can choose between the three different options of Institute Cargo Clauses as issued by the International Chamber of Commerce. The premium rates are commensurate with the chosen option:
- Clause A has the widest insurance coverage.
- Clause B has a more restrictive coverage.
- Clause C has a basic coverage.
Call us today (429 5000) for more information on the Marine Cargo Insurance or send an email to info@sacos.sc.
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